143Grounds for applyingU.K.
(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.
Modifications etc. (not altering text)
C1Pt. 3 modified (21.2.2009) by Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313), regs. 1(1), 2, 3, Sch. 1
C2Pt. 3 modified (21.2.2009) by The Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312), regs. 1(1), 2-4, Sch.
Commencement Information
I1S. 143 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3