Section 150 Resolution company to private purchaserF3I1
United Kingdom
This section applies where the Bank of England gives a bank administrator —
an Objective 1 Achievement Notice in respect of a F1resolution company, and
notice that Objective 1 is still required to be pursued in respect of a commercial purchaser who has acquired all or part of the business of the resolution company.
An Objective 1 Achievement Notice accompanied by a notice under subsection (1)(b) is referred to in this Part as an Objective 1 Interim Achievement Notice.
Where an Objective 1 Interim Achievement Notice is given, Objective 1 continues to apply—
in accordance with section 138(3), and
with the commercial purchaser being treated as the “private sector purchaser”.
An Objective 1 Interim Achievement Notice in respect of the F2resolution company—
has effect as between the bank administrator and the resolution company, but
has no other effect for the purposes of provisions of this Part which refer to the giving of an Objective 1 Achievement Notice.
When the Bank of England gives the bank administrator an Objective 1 Achievement Notice in respect of the commercial purchaser, section 139 and other provisions of this Part which refer to the giving of an Objective 1 Achievement Notice shall have effect.
Annotations
Textual amendments
- F1
Words in s. 150(1) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)
- F2
Words in s. 150(4) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)
- F3
Words in s. 150 heading substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(11)
Commencement
- I1
S. 150 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3
Notes on Part 3
Modifications
- C1
Pt. 3 modified (21.2.2009) by Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313), regs. 1(1), 2, 3, Sch. 1
- C2
Pt. 3 modified (21.2.2009) by The Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312), regs. 1(1), 2-4, Sch.
- C3
Pt. 3 applied (with modifications) by Building Societies Act 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)
- C4
Pt. 3 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 Pts. 1, 3 (as amended (7.4.2010) by 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)
- C5
Pt. 3 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 2 para. 6 (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 198(q)(ii) (with Sch. 2 para. 213))