Part 3Bank Administration
Termination
153Successful rescue
1
This section applies if—
a
the Bank of England has given an Objective 1 Achievement Notice, and
b
the bank administrator has pursued Objective 2(a) in section 140 and believes that it has been achieved.
2
The bank administrator may give a notice under paragraph 80 of Schedule B1 to the Insolvency Act 1986 (notice bringing administrator’s appointment to an end on achievement of objectives).
3
A bank administrator who gives a notice in accordance with subsection (2) must send a copy to the FSA.
4
Failure without reasonable excuse to comply with subsection (3) is an offence.