Other insolvency processes

5.  After section 89 of the 1986 Act (winding-up by court: grounds and petitioners) insert—

“Building society insolvency as alternative order

89A.— (1) On a petition for a winding up order or an application for an administration order in respect of a building society the court may, instead, make a building society insolvency order (under section 94 of the Banking Act 2009 as applied by section 90C below).

(2) A building society insolvency order may be made under subsection (1) only—

(a) on the application of the Authority made with the consent of the Bank of England, or

(b) on the application of the Bank of England.”.