Section 153 Successful rescueI1

United Kingdom

(1)

This section applies if—

(a)

the Bank of England has given an Objective 1 Achievement Notice, and

(b)

the bank administrator has pursued Objective 2(a) in section 140 and believes that it has been achieved.

F1(2)

The bank administrator shall make an application under paragraph 79 of Schedule B1 to the Insolvency Act 1986 (court ending administration on achievement of objectives).

(3)

A bank administrator who makes an application in accordance with subsection (2) must send a copy to the F2PRA and the FCA.

(4)

Failure without reasonable excuse to comply with subsection (3) is an offence.

Annotations

Textual amendments

F1: S. 153(2)(3) substituted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(7), 26(1)(f)
F2: Words in s. 153(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 48 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1: S. 153 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))