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.

C1: Pt. 2 applied (with modifications) by 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)
C2: Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 1 (as amended (7.4.2010) by Building Societies (Insolvency and Special Administration) (Amendment) Order 2010 (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)
C3: Pt. 2 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C4: Pt. 2 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 1 paras. 6, 7