Section 97 Grounds for makingI1

United Kingdom

(1)

The court may make a bank insolvency order on the application of the Bank of England or the F1PRA if satisfied—

(a)

that the bank has eligible depositors, and

(b)

that Ground A or C of section 96 applies.

(2)

The court may make a bank insolvency order on the application of the Secretary of State if satisfied—

(a)

that the bank has eligible depositors, and

(b)

that Grounds B and C of section 96 apply.

(3)

On an application for a bank insolvency order the court may—

(a)

grant the application in accordance with subsection (1) or (2),

(b)

adjourn the application (generally or to a specified date), or

(c)

dismiss the application.

Annotations

F1: Word in s. 97(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 34 (with Sch. 20); S.I. 2013/423, art. 3, Sch.