Part 1Special Resolution Regime
F1Chapter 7General provisions
89K.Insolvency 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.