Modifications etc. (not altering text)
C1Pt. 2 applied (with modifications) by 1986 c. 53, s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)
C2Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 1
C3Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 6
C4Pt. 2 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C5Pt. 2: amendment to earlier affecting provision SI 2009/805, Sch. 1 (7.4.2010) by Building Societies (Insolvency and Special Administration) (Amendment) Order 2010 (S.I. 2010/1189), arts. 1(2), 2
(1)A bank insolvency order shall be treated as having taken effect in accordance with this section.
(2)In the case where—
(a)notice has been given to the FSA under section 120 of an application for an administration order or a petition for a winding up order, and
(b)the FSA or the Bank of England applies for a bank insolvency order in the period of 2 weeks specified in Condition 3 in that section,
the bank insolvency order is treated as having taken effect when the application or petition was made or presented.
(3)In any other case, the bank insolvency order is treated as having taken effect when the application for the order was made.
(4)Unless the court directs otherwise on proof of fraud or mistake, proceedings taken in the bank insolvency, during the period for which it is treated as having had effect, are treated as having been taken validly.
Commencement Information
I1S. 98 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2