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Banking Act 2009
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Changes over time for: Section 154
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Banking Act 2009, Section 154 is up to date with all changes known to be in force on or before 26 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(8A) (8B) inserted by 2012 c. 21 s. 96(3)
- s. 8(2)(d) and word inserted by 2012 c. 21 s. 96(4)(b)
154Winding-up or voluntary arrangementU.K.
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Nodiadau Esboniadol
(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).
[F1(2A)For the purpose of subsection (2)(a), paragraph 84 of Schedule B1 has effect without the amendment made by paragraph 10(33) of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to opted-out creditors).]
(3)Part 1 of [F2the Insolvency Act 1986] shall apply to a proposal made by a bank administrator, with the following modifications.
[F3(3A)Sections 2 to 6 and 7 F4... have effect without the amendments of those provisions made by paragraphs 2 to [F58] of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings).]
(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.
Textual Amendments
F1S. 154(2A) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(6)(a)
F2Words in s. 154(3) substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(6)(b)
F3S. 154(3A) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(6)(c)
F4Words in s. 154(3A) omitted (26.6.2020) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 42(a) (with ss. 2(2), 5(2))
F5Word in s. 154(3A) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 42(b) (with ss. 2(2), 5(2))
Commencement Information
I1S. 154 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3
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