# The Investment Bank Special Administration Regulations 2011, Paragraph 16: Ending of special administration (bank administration) (dissolution or voluntary arrangement

Extent: E+W+S+N.I.

(1) This section applies if—
(a) the Bank of England has given an Objective A Achievement Notice;
(b) the administrator believes that Objectives 1 and 2 have been sufficiently achieved; and
(c) the administrator pursues the second part of Objective 3 (as set out in regulation 10(1)(c)(ii)).
(2) The administrator may—
(a) give a notice under paragraph 84 of Schedule B1 (as applied by regulation 15); or
(b) make a proposal in accordance with Part 1 of the Insolvency Act (company voluntary arrangement).
(3) Part 1 of the Insolvency Act shall apply to a proposal made by an administrator with the following modifications—
(a) in section 3 (summoning of meetings), subsection (2) (and not (1)) applies;
(b) the action that may be taken by a court under section 5(3) (effect of approval) includes suspension of the special administration order; ...
(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
(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.

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Source: https://www.legislation.gov.uk/uksi/2011/245/schedule/2/paragraph/16 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-regulations-2011/schedule-2/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.