{
  "url": "https://openlegislation.uk/banking-act-2009/section-103",
  "json_url": "https://openlegislation.uk/banking-act-2009/section-103.json",
  "legislation": "ukpga/2009/1",
  "legislation_title": "Banking Act 2009",
  "legislation_url": "https://openlegislation.uk/banking-act-2009",
  "path": "section/103",
  "kind": "section",
  "number": "103",
  "heading": "General powers, duties and effect",
  "text": "(1) A bank liquidator may do anything necessary or expedient for the pursuit of the Objectives in section 99.\n(2) The following provisions of this section provide for—\n(a) general powers and duties of bank liquidators (by application of provisions about liquidators), and\n(b) the general process and effects of bank insolvency (by application of provisions about winding up).\n(3) The provisions set out in the Table apply in relation to bank insolvency as in relation to winding up, with—\n(a) the modifications set out in subsection (4),\n(b) any other modification specified in the Table, and\n(c) any other necessary modification.\n(4) The modifications are that—\n(a) a reference to the liquidator is a reference to the bank liquidator,\n(b) a reference to winding up is a reference to bank insolvency,\n(c) a reference to winding up by the court is a reference to the imposition of bank insolvency by order of the court,\n(d) a reference to being wound up under Part IV or V of the Insolvency Act 1986 is a reference to being made the subject of a bank insolvency order,\n(e) a reference to the commencement of winding up is a reference to the commencement of bank insolvency,\n(f) a reference to going into liquidation is a reference to entering bank insolvency,\n(g) a reference to a winding-up order is a reference to a bank insolvency order, and\n(h) except where otherwise specified in the Table, a reference to a company is a reference to the bank.\n(5) Powers conferred by this Act, by the Insolvency Act 1986 (as applied) and the Companies Acts are in addition to, and not in restriction of, any existing powers of instituting proceedings against a contributory or debtor of a bank, or the estate of any contributory or debtor, for the recovery of any call or other sum.\n(6) A reference in an enactment or other document to anything done under a provision applied by this Part includes a reference to the provision as applied.\n(7) In the Table “Schedule 9 to the 2015 Act” means Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company insolvency).\nTABLE OF APPLIED PROVISIONS\nProvision of Insolvency Act 1986\nSubject\nModification or comment\nSection 127\nAvoidance of property dispositions\nIgnore section 127(2).\nSection 128\nAvoidance of attachment, &c.\nSection 130\nConsequences of winding-up order\nIgnore section 130(4).\nSection 131\nCompany's statement of affairs\n(a) Treat references to the official receiver as references to the bank liquidator.\n(b) A creditor or contributory of the bank is entitled to receive a copy of a statement under section 131 on request to the bank liquidator.\nSection 135\nProvisional appointment\n(a) Treat the reference to the presentation of a winding-up petition as a reference to the making of an application for a bank insolvency order.\n(b) Subsection (2) applies in relation to England and Wales and Scotland (and subsection (3) does not apply).\n(c) Ignore the reference to the official receiver.\n(d) Only a person who is qualified to act as an insolvency practitioner in relation to the bank and who consents to act may be appointed.\n(e) A provisional bank liquidator may not pay dividends to creditors.\n(f) The appointment of a provisional bank liquidator lapses on the appointment of a bank liquidator.\nSection 141\nLiquidation Committee (England and Wales)\nIgnore the amendment made by paragraph 36 of Schedule 9 to the 2015 Act. The application of section 141 is subject to—\n(a)sections 100, 101 and 109 of this Act,\n(b)rules under section 411 (as applied by section 125 of this Act) which may, in particular, adapt section 141 to reflect (i) the fact that the bank liquidator is appointed by the court and (ii) the possibility of calling creditors' meetings under other provisions, and\n(c)the omission of references to the official receiver.\nSection 142\nLiquidation Committee (Scotland)\nIgnore the amendments made by paragraph 37 of Schedule 9 to the 2015 Act. The application of section 142 is subject to—\n(a)sections 100, 101 and 109 of this Act,\n(b)rules under section 411 (as applied by section 125 of this Act) which may, in particular, adapt section 142 to reflect (i) the fact that the bank liquidator is appointed by the court and (ii) the possibility of calling creditors' meetings under other provisions, and\n(c)the omission of references to the official receiver.\nSection 143\nGeneral functions of liquidator\n(a) Section 143(1) is subject to Objective 1 in section 99 above.\n(b) Ignore section 143(2).\nSection 144\nCustody of property\nSection 145\nVesting of property\nSection 146\nDuty to summon final meeting\nSection 146 is not applied–but section 115 below makes similar provision.\nSection 147\nPower to stay or sist proceedings\nAn application may be made only by—\n(a)the bank liquidator,\n(b)the PRA,\n(c)the Bank of England,\n(d)the FSCS, or\n(e)a creditor or contributory (but only if the liquidation committee has passed a full payment resolution).\nSection 148\nList of contributories and application of assets\nBy virtue of the Insolvency Rules the functions under this section are largely delegated to the liquidator–rules by virtue of section 125 may achieve a similar delegation to the bank liquidator.\nSection 149\nDebts due from contributories\nSection 150\nPower to make calls\nSection 152\nOrder on contributory: evidence\nSection 153\nExclusion of creditors\nSection 154\nAdjustment of rights of contributories\nSection 155\nInspection of books by creditors\nIn making or considering whether to make an order under section 155 the court shall have regard to Objective 1 in section 99 above.\nSection 156\nPayment of expenses of winding up\nSection 157\nAttendance at company meetings (Scotland)\nSection 158\nPower to arrest absconding contributory\nSection 159\nPowers to be cumulative\nSection 159 is not applied–but subsection (5) above makes similar provision.\nSection 160\nDelegation of powers to liquidator (England and Wales)\nIgnore the amendment made by paragraph 39 of Schedule 9 to the 2015 Act.\nSection 161\nOrders for calls on contributories (Scotland)\nSection 162\nAppeals from orders (Scotland)\nAn appeal may be brought only if the liquidation committee has passed a full payment resolution.\nSection 167 and Schedule 4\nGeneral powers of liquidator\n(a)An application to the court may not be made under section 167(3) unless the liquidation committee has passed a full payment resolution (although a creditor or contributory may apply to the court with respect to any action (or inaction) of the liquidation committee, under section 101(3) above).\n(b)In exercising or considering whether to exercise a power under Schedule 4 the bank liquidator shall have regard to Objective 1 in section 99.\n(c)A reference to the liquidation committee is to the liquidation committee established by section 100.\n(d)The power in paragraph 4 of Schedule 4 includes the power to submit matters to arbitration.\nSome additional general powers are conferred by section 104 below.\nSection 168\nSupplementary powers of liquidator\n(za) Ignore the amendment made by paragraph 41 of Schedule 9 to the 2015 Act.\n(a) A direction or request under section 168(2) has no effect unless the liquidation committee has passed a full payment resolution.\n(b) Section 168(5) also applies in the case of the imposition of bank insolvency by order of the Court of Session.\n(c) An application to the court may not be made under section 168(5) unless the liquidation committee has passed a full payment resolution (except as provided in section 100 or 102 above).\nSection 169\nSupplementary powers (Scotland)\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) Powers of the bank liquidator by virtue of section 169(2) are subject to Objective 1 in section 99 above.\nSection 170\nLiquidator's duty to make returns\nThe liquidation committee is added to the list of persons able to apply under section 170(2).\nSection 172\nRemoval of liquidator\nSection 172 is not applied to a bank liquidator–but section 108 makes similar provision.\nSection 172(1), (2) and (5) are applied to a provisional bank liquidator.\nSection 174\nRelease of liquidator\nSection 174 is not applied–but section 115 makes similar provision.\nSection 175\nPreferential debts\nSection 176\nPreferential charge on goods restrained\nSection 176AZA\nNon-preferential debts of financial institutions\nSection 176ZA\nExpenses of winding up\nSection 176ZB\nApplication of proceeds of office-holder claims\nSection 176A\nShare of assets for unsecured creditors\nSection 177\nAppointment of special manager\nSection 178\nPower to disclaim onerous property\nSection 179\nDisclaimer of leaseholds\nSection 180\nLand subject to rentcharge\nSection 181\nDisclaimer: powers of court\nSection 182\nLeaseholds\nSection 183\nEffect of execution or attachment (England and Wales)\nSection 184\nExecution of writs (England and Wales)\nSection 185\nEffect of diligence (Scotland)\nIn the application of section 24(1) and (2) of the Bankruptcy (Scotland) Act 2016 the reference to an order of the court awarding winding up is a reference to the making of the bank insolvency order.\nSection 186\nRescission of contracts by court\nSection 187\nTransfer of assets to employees\nSection 188\nPublicity\nSection 189\nInterest on debts\nSection 190\nExemption from stamp duty\nSection 191\nCompany's books as evidence\nSection 192\nInformation about pending liquidations\nSection 193\nUnclaimed dividends (Scotland)\nSection 194\nResolutions passed at adjourned meetings\nSection 194 applies as it applied before its repeal by paragraph 46 of Schedule 9 to the 2015 Act.\nSection 195\nMeetings to ascertain wishes of creditors or contributories\n(a) Ignore the amendments made by paragraph 47 of Schedule 9 to the 2015 Act.\n(b) The power to have regard to the wishes of creditors and contributories is subject to Objective 1 in section 99.\nSection 196\nJudicial notice of court documents\nSection 197\nCommission for receiving evidence\nSection 198\nCourt order for examination of persons (Scotland)\nSection 199\nCosts of application for leave to proceed (Scotland)\nSection 200\nAffidavits\nSection 206\nFraud in anticipation of winding up\nSection 207\nTransactions in fraud of creditors\nSection 208\nMisconduct in course of winding up\nIgnore the amendment made by paragraph 52 of Schedule 9 to the 2015 Act.\nSection 209\nFalsification of company's books\nSection 210\nMaterial omissions\nSection 211\nFalse representations to creditors\nSection 212\nSummary remedy against directors, &c.\nSection 213\nFraudulent trading\nSection 214\nWrongful trading\n(a) Treat the reference in subsection (2)(b) to entering insolvent administration as a reference to entering bank administration under Part 3 of this Act at a time when the bank’s assets are insufficient for the payment of its debts and other liabilities and the expenses of the administration.\n(b) Ignore subsection (6A).\nSection 215\nSections 213 & 214: procedure\nSection 216\nRestriction on re-use of company names\nSection 217\nPersonal liability for debts\nSection 218\nProsecution of officers and members of company\n(a) Ignore subsections (4) and (6).\n(b) In subsection (3), treat the second reference to the official receiver as a reference to the Secretary of State.\n(c) In subsection (5) treat the reference to subsection (4) as a reference to subsection (3).\nSection 219\nObligations under section 218\nSection 231\nAppointment of 2 or more persons\nSection 232\nValidity of acts\nSection 233\nUtilities\nSection 234\nGetting in company's property\nSection 235\nCo-operation with liquidator\nIgnore references to the official receiver\nSection 236\nInquiry into company's dealings\nIgnore references to the official receiver\nSection 237\nSection 236: enforcement by court\nSection 238\nTransactions at undervalue (England and Wales)\nAnything done by the bank in connection with the exercise of a stabilisation power under Part 1 of this Act is not a transaction at an undervalue for the purposes of section 238.\nSection 239\nPreferences (England and Wales)\nAction taken by the bank in connection with the exercise of a stabilisation power under Part 1 of this Act does not amount to giving a preference for the purpose of section 239.\nSection 240\nSections 238 & 239: relevant time\nSection 241\nOrders under sections 238 & 239\nHaving notice of the relevant proceedings means having notice of—\n(a)an application by the Bank of England, the PRA or the Secretary of State for a bank insolvency order, or\n(b)notice under section 120 below.\nSection 242\nGratuitous alienations (Scotland)\nAnything done by the bank in connection with the exercise of a stabilisation power under Part 1 of this Act is not a gratuitous alienation for the purpose of section 242 or any other rule of law.\nSection 243\nUnfair preferences (Scotland)\nAction taken by the bank in connection with the exercise of a stabilisation power under Part 1 of this Act does not amount to an unfair preference for the purpose of section 243 or any other rule of law.\nSection 244\nExtortionate credit transactions\nSection 245\nAvoidance of floating charges\nSection 246\nUnenforceability of liens\nSection 246ZD\nPower to assign certain causes of action\nSections 386 & 387, and Schedule 6 (and Schedule 4 to the Pension Schemes Act 1993)\nPreferential debts\nSection 387A\nFinancial institutions and their non-preferential debts\nSection 389\nOffence of acting without being qualified\nTreat references to acting as an insolvency practitioner as references to acting as a bank liquidator.\nSections 390 to 391T\nAuthorisation and regulation of insolvency practitioners\n(a) In section 390 treat references to acting as an insolvency practitioner as references to acting as a bank liquidator.\n(b) Read subsection (2) of that section (as so modified) as if after “authorised” there were inserted “to act as an insolvency practitioner”.\n(c) An order under section 391 has effect in relation to any provision applied for the purposes of bank insolvency.\n(d) In sections 390A, 390B(1) and (3), 391O(1)(b) and 391R(3)(b), in a reference to authorisation or permission to act as an insolvency practitioner in relation to (or only in relation to) companies the reference to companies has effect without the modification in subsection (4)(h) of this section.\n(e) In sections 391Q(2)(b) and 391S(3)(e) the reference to a company has effect without the modification in subsection (4)(h) of this section.\nSections 423–425\nTransactions defrauding creditors\nAnything done by the bank in connection with the exercise of a stabilisation power under Part 1 of this Act is not a transaction at an undervalue for the purposes of section 423.\nSections 430 to 432and Schedule 10\nOffences\nSection 433\nStatements: admissibility\nFor section 433(1)(a) and (b) substitute a reference to a statement prepared for the purposes of a provision of this Part.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 103(4)(h) inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 103(7) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 103 Table inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(4)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(a)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Word in s. 103 Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 38(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(c)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(d)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in s. 103 Table omitted (7.4.2017) by virtue of The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(4)(b)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in s. 103 Table inserted (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 14(1) (with art. 3)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in s. 103 Table inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(4)(c)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in s. 103 Table substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 32"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(e)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(f)(i)"
    },
    {
      "type": "F",
      "label": "F15",
      "text": "Word in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(f)(ii)"
    },
    {
      "type": "F",
      "label": "F16",
      "text": "Words in s. 103 Table inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(3)(g)"
    },
    {
      "type": "F",
      "label": "F17",
      "text": "Words in s. 103 Table substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(4)(d)"
    },
    {
      "type": "F",
      "label": "F18",
      "text": "Word in s. 103 Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 38(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F19",
      "text": "Words in s. 103 Table inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(4)(e)"
    },
    {
      "type": "F",
      "label": "F20",
      "text": "Words in s. 103 inserted (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 14(2) (with art. 3)"
    },
    {
      "type": "F",
      "label": "F21",
      "text": "Words in s. 103 Table substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 5(4)(f) (with reg. 17)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 103 applied (with modifications) (23.11.2009) by Scottish and Northern Ireland Banknote Regulations 2009 (S.I. 2009/3056), reg. 1, Sch. 1 para. 4"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 103 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/1/section/103",
    "retrieved_at": "2026-10-29T09:11:28.246347+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}