C2C1Part 3Bank Administration
Termination
I1C2C1154C2C1Winding-up or voluntary arrangement
1
This section applies if—
a
the Bank of England has given an Objective 1 Achievement Notice, and
b
the bank administrator pursues Objective 2(b) in section 140.
2
The bank administrator may—
a
give a notice under paragraph 84 of Schedule B1 to the Insolvency Act 1986 (no more assets for distribution), or
b
make a proposal in accordance with section 1 of that Act (company voluntary arrangement).
3
Part 1 of that Act shall apply to a proposal made by a bank administrator, with the following modifications.
4
In section 3 (summoning of meetings) subsection (2) (and not (1)) applies.
5
The action that may be taken by the court under section 5(3) (effect of approval) includes suspension of the bank administration order.
6
On the termination of a company voluntary arrangement the bank administrator may apply to the court to lift the suspension of the bank administration order.
7
The bank administrator may not act under subsection (2) above unless satisfied that the bank has received any funds it is likely to receive from any scheme under a resolution fund order under section 52.
Pt. 3 modified (21.2.2009) by Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313), regs. 1(1), 2, 3, Sch. 1