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Banking Act 2009

Section 166: Interpretation: general

377.Due to the size and complexity of the UK’s banks and the nature of the partial transfer tool, subsection (1) provides that only the higher courts may make a Bank Administration Order and that they will supervise the process.

378.Subsection (3) defines “inability to pay debts” and applies existing definitions from sections 367(4) and (5) of the Financial Services and Markets Act 2000 (as applied by subsection 4(a)) and section 123 of the Insolvency Act 1986 (as applied by subsection (4)(b)).

379.Subsections (4) to (5) provide that the expressions used generally throughout this part of the Act and also in insolvency and company legislation have the same meaning.

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