Section 141 Bank administration orderI1

United Kingdom

(1)

A bank administration order is an order appointing a person as the bank administrator of a bank.

(2)

A person is eligible for appointment as a bank administrator if qualified to act as an insolvency practitioner F1in relation to the bank.

(3)

An appointment may be made only if the person has consented to act.

(4)

A bank administration order takes effect in accordance with its terms; and—

(a)

the process of a bank administration order having effect may be described as “bank administration” in relation to the bank, and

(b)

while the order has effect the bank may be described as being “in bank administration”.

Annotations

F1: Words in s. 141(2) 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(7)