C2C1C3C4C5Part 3Bank Administration

Annotations:
Modifications etc. (not altering text)
C3

Pt. 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)

C4

Pt. 3 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 Pts. 1, 3 (as amended (7.4.2010) by S.I. 2010/1189, arts. 1(2), 2)

Introduction

I1136Overview

1

This Part provides for a procedure to be known as bank administration.

2

The main features of bank administration are that—

a

it is used where part of the business of a bank is sold to a commercial purchaser in accordance with section 11 or transferred to a bridge bank in accordance with section 12 (and it can also be used in certain cases of multiple transfers under Part 1),

b

the court appoints a bank administrator on the application of the Bank of England,

c

the bank administrator is able and required to ensure that the non-sold or non-transferred part of the bank (“the residual bank”) provides services or facilities required to enable the commercial purchaser (“the private sector purchaser”) or the transferee (“the bridge bank”) to operate effectively, and

d

in other respects the process is the same as for normal administration under the Insolvency Act 1986, subject to specified modifications.

3

The Table describes the provisions of this Part.

Sections

Topic

Sections 136 to 140

Introduction

Sections 141 to 148

Process

Sections 149 to F1152A

Multiple transfers

Sections 153 and 154

Termination

Sections 155 to 168

Miscellaneous