C2C1C3C5C4Part 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)

Multiple transfers

I1150F1Resolution company to private purchaser

1

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

a

an Objective 1 Achievement Notice in respect of a F2resolution 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 F2resolution 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 F3resolution company—

a

has effect as between the bank administrator and the F3resolution 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.