General continuity obligation: property transfers71
1
Section 63 (general continuity obligation: property transfers)79 is amended as follows.
2
In subsection (1)—
a
in paragraph (a), after “12(2)” insert “, 12ZA(3)”, and
b
in paragraph (e), for “bridge bank” substitute “resolution company”.
3
After subsection (1) insert—
1A
In this section a reference to insolvency includes a reference to (i) liquidation, (ii) bank insolvency, (iii) administration, (iv) bank administration, (v) receivership, (vi) composition with creditors and (vii) a scheme of arrangement.
4
5
After subsection (4) insert—
4A
But if the services and facilities provided in pursuance of the continuity obligation were provided to the bank whose business has been transferred, under an agreement with that bank, before the property transfer instrument providing for the transfer was made, they are to continue for the duration of that agreement to be provided on the terms set out in that agreement (and subsection (4) does not apply).