C2C1C5C4C3Part 3Bank Administration

Annotations:

Process

I1C2C1143C2C1Grounds for applying

1

The Bank of England may apply for a bank administration order in respect of a bank if the following conditions are met.

2

Condition 1 is that the Bank of England has made or intends to make a property transfer instrument in respect of the bank in accordance with section 11(2) or 12(2).

3

Condition 2 is that the Bank of England is satisfied that the residual bank—

a

is unable to pay its debts, or

b

is likely to become unable to pay its debts as a result of the property transfer instrument which the Bank intends to make.