Section 94 The orderI1

United Kingdom

(1)

A bank insolvency order is an order appointing a person as the bank liquidator of a bank.

(2)

A person is eligible for appointment as a bank liquidator 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 insolvency order takes effect in accordance with section 98; and—

(a)

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

(b)

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

Annotations

F1: Words in s. 94(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(2)