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16.—(1) This section applies if—
(a)the Bank of England has given an Objective A Achievement Notice;
(b)the administrator believes that Objectives 1 and 2 have been sufficiently achieved; and
(c)the administrator pursues the second part of Objective 3 (as set out in regulation 10(1)(c)(ii)).
(2) The administrator may—
(a)give a notice under paragraph 84 of Schedule B1 (as applied by regulation 15); or
(b)make a proposal in accordance with Part 1 of the Insolvency Act (company voluntary arrangement).
(3) Part 1 of the Insolvency Act shall apply to a proposal made by an administrator with the following modifications—
(a)in section 3 (summoning of meetings), subsection (2) (and not (1)) applies;
(b)the action that may be taken by a court under section 5(3) (effect of approval) includes suspension of the special administration order; and
(c)on the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.
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