114AdministrationU.K.
(1)A bank liquidator who thinks that administration would achieve a better result for the bank's creditors as a whole than bank insolvency may apply to the court for an administration order (under paragraph 38 of Schedule B1 to the Insolvency Act 1986).
(2)An application may be made only if the following conditions are satisfied.
(3)Condition 1 is that the liquidation committee has passed a full payment resolution.
(4)Condition 2 is that the liquidation committee has resolved that moving to administration might enable the rescue of the bank as a going concern.
(5)Condition 3 is that the bank liquidator is satisfied, as a result of arrangements made with the FSCS, that any depositors still eligible for compensation under the scheme will receive their payments or have their accounts transferred during administration.
Commencement Information
I1S. 114 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2