139Objective 1: durationU.K.
(1)Objective 1 ceases if the Bank of England notifies the bank administrator that the residual bank is no longer required in connection with the private sector purchaser or [F1resolution company].
(2)A bank administrator who thinks that Objective 1 is no longer required may apply to the court for directions under paragraph 63 of Schedule B1 to the Insolvency Act 1986 (applied by section 145 below); and the court may direct the Bank of England to consider whether to give notice under subsection (1) above.
(3)If immediately upon the making of a bank administration order the Bank of England thinks that the residual bank is not required in connection with the private sector purchaser or [F1resolution company], the Bank of England may give a notice under subsection (1).
(4)A notice under subsection (1) is referred to in this Part as an “Objective 1 Achievement Notice”.
Textual Amendments
F1Words in s. 139 substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(5)
Commencement Information
I1S. 139 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3