Part 3Bank Administration
Process
143Grounds for applying
(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) F1, 12(2) or 12ZA(3).
(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.