Section 89K Insolvency ProceedingsF1

(1)

If —

(a)

a stabilisation power has been exercised in respect of a relevant firm, or

(b)

the conditions in section 7 are met in relation to a relevant firm,

insolvency proceedings may not be commenced in relation to that firm except by, or with the consent of, the Bank of England.

(2)

For the purposes of subsection (1), the commencement of insolvency proceedings means—

(a)

making an application for an administration order;

(b)

presenting a petition for winding up;

(c)

proposing a resolution for voluntary winding up;

(d)

appointing an administrator.

(3)

In this section—

(a)

“relevant firm” means—

(i)

a bank, building society, investment firm, financial holding company, mixed financial holding company or a mixed activity holding company, or

(ii)

a financial institution which is a subsidiary undertaking of an entity within sub-paragraph (i);

(b)

“building society” has the meaning given in the Building Societies Act 1986;

(c)

“financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation;

(d)

“financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation;

(e)

“mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation;

(f)

“mixed financial holding company” has the meaning given in Article F24.1(21) of the capital requirements regulation.

Annotations

F1: Pt. 1 Ch. 6, 7 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 103
F2: Words in s. 89K(3)(f) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 50; 2020 c. 1, Sch. 5 para. 1(1)

C1: Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2: Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2