140Objective 2: “normal” administrationU.K.
(1)Objective 2 is to—
(a)rescue the residual bank as a going concern (“Objective 2(a)”), or
(b)achieve a better result for the residual bank's creditors as a whole than would be likely if the residual bank were wound up without first being in bank administration (“Objective 2(b)”).
(2)In pursuing Objective 2 a bank administrator must aim to achieve Objective 2(a) unless of the opinion either—
(a)that it is not reasonably practicable to achieve it, or
(b)that Objective 2(b) would achieve a better result for the residual bank's creditors as a whole.
(3)In pursuing Objective 2(b) in bank administration following transfer to a [F1resolution company], the bank administrator may not realise any asset unless—
(a)the asset is on a list of realisable assets agreed between the bank administrator and the Bank of England, or
(b)the Bank of England has given an Objective 1 Achievement Notice.
Textual Amendments
F1Words in s. 140(3) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(6)
Commencement Information
I1S. 140 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3