{
  "url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011/schedule-2/paragraph-16",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011/schedule-2/paragraph-16.json",
  "legislation": "uksi/2011/245",
  "legislation_title": "The Investment Bank Special Administration Regulations 2011",
  "legislation_url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011",
  "path": "schedule/2/paragraph/16",
  "kind": "paragraph",
  "number": "16",
  "heading": "Ending of special administration (bank administration) (dissolution or voluntary arrangement",
  "text": "(1) This section applies if—\n(a) the Bank of England has given an Objective A Achievement Notice;\n(b) the administrator believes that Objectives 1 and 2 have been sufficiently achieved; and\n(c) the administrator pursues the second part of Objective 3 (as set out in regulation 10(1)(c)(ii)).\n(2) The administrator may—\n(a) give a notice under paragraph 84 of Schedule B1 (as applied by regulation 15); or\n(b) make a proposal in accordance with Part 1 of the Insolvency Act (company voluntary arrangement).\n(3) Part 1 of the Insolvency Act shall apply to a proposal made by an administrator with the following modifications—\n(a) in section 3 (summoning of meetings), subsection (2) (and not (1)) applies;\n(b) the action that may be taken by a court under section 5(3) (effect of approval) includes suspension of the special administration order; ...\n(ba) sections 2 to 6 and 7 ... have effect without the amendments of those provisions made by paragraphs 2 to 8 of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company voluntary arrangements); and\n(c) on the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Sch. 2 para. 16(3)(b) omitted (13.3.2018) by virtue of The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 13(6)(d)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 2 para. 16(3)(ba) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 13(6)(d)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 2 para. 16(3)(ba) omitted (26.6.2020) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 48(a) (with ss. 2(2), 5(2))"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in Sch. 2 para. 16(3)(ba) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 48(b) (with ss. 2(2), 5(2))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/245/schedule/2/paragraph/16",
    "retrieved_at": "2026-10-29T02:18:26.781233+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}