# The Banks (Administration Proceedings) Order 1989, Paragraph 1


In section 8, after subsection (1) there shall be inserted the following subsection:–
“(1A) For the purposes of a petition presented by the Bank of England alone or together with any other party an authorised institution or former authorised institution within the meaning of the Banking Act 1987 which defaults in an obligation to pay any sum due and payable in respect of a deposit within the meaning of section 92 of that Act shall be deemed to be unable to pay its debts as mentioned in subsection (1) above.”.

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Source: https://www.legislation.gov.uk/uksi/1989/1276/schedule/paragraph/1 (the official version)
Page: https://openlegislation.uk/banks-administration-proceedings-order-1989/schedule/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.