# Banking Act 2009, Section 143: Grounds for applying

Extent: E+W+S+N.I.

(1) The Bank of England may apply for a bank administration order in respect of a bank if the following conditions are met.
(2) Condition 1 is that the Bank of England has made or intends to make a property transfer instrument in respect of the bank in accordance with section 11(2) , 12(2) or 12ZA(3).
(3) Condition 2 is that the Bank of England is satisfied that the residual bank—
(a) is unable to pay its debts, or
(b) is likely to become unable to pay its debts as a result of the property transfer instrument which the Bank intends to make.

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Source: https://www.legislation.gov.uk/ukpga/2009/1/section/143 (the official version)
Page: https://openlegislation.uk/banking-act-2009/section-143
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.