# The Bank Administration (England and Wales) Rules 2009, Note: Explanatory note


(This note is not part of the Rules)
These Rules set out the procedure for the bank administration process under Part 3 of the Banking Act 2009.
The main features of bank administration are that:
(a) it is used where part of the business of a bank is sold to a commercial purchaser or transferred to a bridge bank in accordance with section 12;
(b) the court appoints a bank administrator on the application of the Bank of England;
(c) the bank administrator ensures that the non-sold or non-transferred part of the bank provides services or facilities to enable the commercial purchaser or bridge bank to operate effectively;
(d) the bank administrator has two objectives (Objective 1 – supporting the private purchaser or bridge bank; and Objective 2 – “normal administration”); and
(e) in other respects the process is the same as for normal administration under the Insolvency Act 1986, subject to specified modifications.
Part 2 of the Rules sets out special provisions about applications for bank administration.
Part 3 of the Rules sets out special provisions about the bank administration process.
Part 4 of the Rules sets out special provisions about court procedure and practice in connection with bank administration.
Part 5 of the Rules applies specified provisions of the Insolvency Rules 1986 for general purposes in connection with bank administration, subject to a number of general and specific modifications.
An Impact Assessment of the effect of the Banking Act 2009 is available on HM Treasury’s website (www.hm-treasury.gov.uk).

---
Source: https://www.legislation.gov.uk/uksi/2009/357/note (the official version)
Page: https://openlegislation.uk/bank-administration-england-and-wales-rules-2009/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.