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Part 3U.K.Bank Administration

Modifications etc. (not altering text)

C3Pt. 3 applied (with modifications) by Building Societies Act 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)

Multiple transfersU.K.

149General application of this PartU.K.

(1)This section applies where more than one property transfer instrument is made in respect of a bank.

(2)For that purpose “property transfer instrument” includes—

(a)supplemental instruments under section 42,

(b)onward property transfer instruments under section 43, F1...

[F2(ba)bridge bank supplemental property transfer instruments under section 44D, and]

(c)property transfer orders under section 45.

(3)This Part applies to the bank with any modifications specified by the Treasury in regulations.

(4)The regulations—

(a)shall be made by statutory instrument, and

(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

Textual Amendments

F1Word in s. 149(2)(b) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(10)(a)

Commencement Information

I1S. 149 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 3

I2S. 149 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 3

150 [F3Resolution company] to private purchaserU.K.

(1)This section applies where the Bank of England gives a bank administrator —

(a)an Objective 1 Achievement Notice in respect of a [F4resolution company], and

(b)notice that Objective 1 is still required to be pursued in respect of a commercial purchaser who has acquired all or part of the business of the [F4resolution company].

(2)An Objective 1 Achievement Notice accompanied by a notice under subsection (1)(b) is referred to in this Part as an Objective 1 Interim Achievement Notice.

(3)Where an Objective 1 Interim Achievement Notice is given, Objective 1 continues to apply—

(a)in accordance with section 138(3), and

(b)with the commercial purchaser being treated as the “private sector purchaser”.

(4)An Objective 1 Interim Achievement Notice in respect of the [F5resolution company]—

(a)has effect as between the bank administrator and the [F5resolution company], but

(b)has no other effect for the purposes of provisions of this Part which refer to the giving of an Objective 1 Achievement Notice.

(5)When the Bank of England gives the bank administrator an Objective 1 Achievement Notice in respect of the commercial purchaser, section 139 and other provisions of this Part which refer to the giving of an Objective 1 Achievement Notice shall have effect.

Textual Amendments

F3Words in s. 150 heading substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)

Commencement Information

I3S. 150 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3

151Property transfer from [F6resolution company]U.K.

(1)This section applies where the Bank of England —

(a)transfers all or part of the business of a bank (“the original bank”) to a [F7resolution company] (“the original [F7resolution company]”) by making a property transfer instrument in accordance with section 12(2) [F8or 12ZA(3)], and

(b)later makes or proposes to make an onward property transfer instrument under section 43(2) from the [F7resolution company] to a transferee (“the onward transferee”).

(2)If the onward transferee is a company which is wholly owned by the Bank of England—

(a)the onward transferee is treated as a [F7resolution company] for the purposes of this Part, and

(b)the original [F7resolution company] is treated as a residual bank for the purposes of this Part.

(3)In any other case, the Bank of England may determine that the original [F7resolution company] is to be treated as a residual bank for the purposes of this Part.

(4)Where the original [F7resolution company] is put into bank administration in reliance on subsection (2)(b), Objective 1 shall apply in accordance with section 138(4) in relation to both—

(a)services provided by the original bank to the original [F7resolution company], and

(b)services provided by the original [F7resolution company] to the onward transferee.

(5)Where the original [F7resolution company] is put into bank administration in reliance on a determination under subsection (3), Objective 1 shall apply in accordance with—

(a)section 138(3) in relation to services provided by the original [F7resolution company] to the onward transferee, and

(b)section 138(4) in relation to services provided by the original bank to the original [F7resolution company] .

(6)But the Bank may determine—

(a)that subsection (5) does not apply, and

(b)that section 150 shall apply as if the Bank had given—

(i)an Objective 1 Interim Achievement Notice in respect of the original [F7resolution company], and

(ii)a notice under section 150(1)(b) in respect of the onward transferee.

Textual Amendments

F6Words in s. 151 heading substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(12)(a)

Commencement Information

I4S. 151 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3

152Property transfer from temporary public ownershipU.K.

(1)This section applies where the Treasury—

(a)make a share transfer order, in respect of securities issued by a bank (or a bank's holding company), in accordance with section 13(2), and

(b)later make a property transfer order from the bank (or from another bank which is or was in the same group as the bank) under section 45(2).

(2)This Part applies to the transferor under the property transfer order as to the transferor under a property transfer instrument.

(3)For that purpose this Part applies with any modifications specified by the Treasury in regulations; and the regulations—

(a)shall be made by statutory instrument, and

(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

Commencement Information

I5S. 152 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 3

I6S. 152 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 3

[F9152AProperty transfer from transferred institutionU.K.

(1)This section applies where the Bank of England—

(a)makes a resolution instrument that transfers securities issued by a bank (or a bank's parent undertaking), in accordance with section 12A(2), and

(b)later makes a property transfer instrument from the bank or from another bank which is or was in the same group as the bank, in accordance with section 41A(2).

[F10(1A)This section also applies where the Bank of England—

(a)makes a share transfer instrument that transfers securities issued by a bank (or a bank's parent undertaking), in accordance with section 12(2), and

(b)later makes a property transfer instrument from the bank in accordance with section 44D.]

(2)This Part applies to the transferor under the property transfer instrument made in accordance with section 41A(2) [F11or 44D(2)] as to the transferor under a property transfer instrument made in accordance with section 12(2).

(3)For that purpose this Part applies with any modifications specified by the Treasury in regulations; and any regulations—

(a)are to be made by statutory instrument, and

(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.]

Textual Amendments