Part 3Bank Administration
Introduction
140Objective 2: “normal” administration
(1)
Objective 2 is to—
(a)
rescue the residual bank as a going concern (“Objective 2(a)”), or
(b)
achieve a better result for the residual bank's creditors as a whole than would be likely if the residual bank were wound up without first being in bank administration (“Objective 2(b)”).
(2)
In pursuing Objective 2 a bank administrator must aim to achieve Objective 2(a) unless of the opinion either—
(a)
that it is not reasonably practicable to achieve it, or
(b)
that Objective 2(b) would achieve a better result for the residual bank's creditors as a whole.
(3)
In pursuing Objective 2(b) in bank administration following transfer to a F1resolution company, the bank administrator may not realise any asset unless—
(a)
the asset is on a list of realisable assets agreed between the bank administrator and the Bank of England, or
(b)
the Bank of England has given an Objective 1 Achievement Notice.