TerminationU.K.
153Successful rescueU.K.
(1)This section applies if—
(a)the Bank of England has given an Objective 1 Achievement Notice, and
(b)the bank administrator has pursued Objective 2(a) in section 140 and believes that it has been achieved.
[F1(2)The bank administrator shall make an application under paragraph 79 of Schedule B1 to the Insolvency Act 1986 (court ending administration on achievement of objectives).
(3)A bank administrator who makes an application in accordance with subsection (2) must send a copy to the [F2PRA and the FCA].]
(4)Failure without reasonable excuse to comply with subsection (3) is an offence.
Textual Amendments
F1S. 153(2)(3) substituted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(7), 26(1)(f)
F2Words in s. 153(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 48 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 153 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3
154Winding-up or voluntary arrangementU.K.
(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).
[F3(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 [F4the Insolvency Act 1986] shall apply to a proposal made by a bank administrator, with the following modifications.
[F5(3A)Sections 2 to 6 and 7 F6... have effect without the amendments of those provisions made by paragraphs 2 to [F78] 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
F3S. 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)
F4Words 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)
F5S. 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)
F6Words 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))
F7Word 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
I2S. 154 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3