Mandatory provisions: choice of insolvency process7
A relevant compensation order must include either—
a
a provision specifying that the independent valuer must assess the insolvency treatment as required under regulation 7(2) on the basis that the relevant banking institution entered a particular insolvency process specified in the order, or
b
a provision specifying that the independent valuer must determine what insolvency process it is likely that the banking institution would have entered, had the initial instrument not been made.