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Changes over time for: Section 140
Timeline of Changes
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Status:
Point in time view as at 31/12/2020.
Changes to legislation:
Banking Act 2009, Section 140 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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140Objective 2: “normal” administrationU.K.
This section has no associated Explanatory Notes
(1)Objective 2 is to—
(a)rescue the residual bank as a going concern (“Objective 2(a)”), or
(b)achieve a better result for the residual bank's creditors as a whole than would be likely if the residual bank were wound up without first being in bank administration (“Objective 2(b)”).
(2)In pursuing Objective 2 a bank administrator must aim to achieve Objective 2(a) unless of the opinion either—
(a)that it is not reasonably practicable to achieve it, or
(b)that Objective 2(b) would achieve a better result for the residual bank's creditors as a whole.
(3)In pursuing Objective 2(b) in bank administration following transfer to a [resolution company], the bank administrator may not realise any asset unless—
(a)the asset is on a list of realisable assets agreed between the bank administrator and the Bank of England, or
(b)the Bank of England has given an Objective 1 Achievement Notice.
Textual Amendments
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