Section 117 Bank insolvency as alternative orderI1

United Kingdom

(1)

On a petition for a winding up order or an application for an administration order in respect of a bank the court may, instead, make a bank insolvency order.

(2)

A bank insolvency order may be made under subsection (1) only—

(a)

on the application of the F1PRA made with the consent of F2... F3the FCA, or

(b)

on the application of the Bank of England.

Annotations

Textual amendments

F1: Word in s. 117(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 43(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 117(2)(a) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 58 (with Sch. 3); S.I. 2017/43, reg. 2(g)
F3: Words in s. 117(2)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 43(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1: S. 117 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2

Notes on Part 2

Modifications

C1: Pt. 2 applied (with modifications) by 1986 c. 53, s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)
C2: Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 1 (as amended (7.4.2010) by Building Societies (Insolvency and Special Administration) (Amendment) Order 2010 (S.I. 2010/1189), arts. 1(2), 2 and amended (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), 8)
C3: Pt. 2 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C4: Pt. 2 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 1 paras. 6, 7