C1C2Part 1Special Resolution Regime
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F1Chapter 7General provisions
Pt. 1 Ch. 6, 7 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 103
89KInsolvency Proceedings
1
If —
a
a stabilisation power has been exercised in respect of a relevant firm, or
b
the conditions in section 7 are met in relation to a relevant firm,
insolvency proceedings may not be commenced in relation to that firm except by, or with the consent of, the Bank of England.
2
For the purposes of subsection (1), the commencement of insolvency proceedings means—
a
making an application for an administration order;
b
presenting a petition for winding up;
c
proposing a resolution for voluntary winding up;
d
appointing an administrator.
3
In this section—
a
“relevant firm” means—
i
a bank, building society, investment firm, financial holding company, mixed financial holding company or a mixed activity holding company, or
ii
a financial institution which is a subsidiary undertaking of an entity within sub-paragraph (i);
b
“building society” has the meaning given in the Building Societies Act 1986;
c
“financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation;
d
“financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation;
e
“mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation;
f
“mixed financial holding company” has the meaning given in Article F24.1(21) of the capital requirements regulation.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2