Section 113 Company voluntary arrangementI1

A bank liquidator may make a proposal in accordance with section 1 of the Insolvency Act 1986 (company voluntary arrangement).

Before making a proposal the bank liquidator—

A proposal may be made only with the consent of the liquidation committee.

The liquidation committee may consent only if—

The bank liquidator must be the nominee (see section 1(2) of the 1986 Act).

Part 1 of the 1986 Act shall apply to a proposal made by a bank liquidator, with the following modifications.

In section 3 (summoning of meetings) subsection (2) (and not (1)) applies.

The action that may be taken by the court under section 5(3) (effect of approval) includes suspension of the bank insolvency order.

On the termination of a company voluntary arrangement the bank liquidator may apply to the court to lift the suspension of the bank insolvency order.