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Banking Act 2009
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Banking Act 2009, Section 139 is up to date with all changes known to be in force on or before 14 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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139Objective 1: durationU.K.
This section has no associated Explanatory Notes
(1)Objective 1 ceases if the Bank of England notifies the bank administrator that the residual bank is no longer required in connection with the private sector purchaser or bridge bank.
(2)A bank administrator who thinks that Objective 1 is no longer required may apply to the court for directions under paragraph 63 of Schedule B1 to the Insolvency Act 1986 (applied by section 145 below); and the court may direct the Bank of England to consider whether to give notice under subsection (1) above.
(3)If immediately upon the making of a bank administration order the Bank of England thinks that the residual bank is not required in connection with the private sector purchaser or bridge bank, the Bank of England may give a notice under subsection (1).
(4)A notice under subsection (1) is referred to in this Part as an “Objective 1 Achievement Notice”.
Commencement Information
I1S. 139 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3
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