Banking Act 2009

143Grounds for applyingU.K.

This section has no associated Explanatory Notes

(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.