Section 120(10)

Where notice has been given under Condition 1 — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the PRA shall inform the person who gave the notice, within the period in Condition 3(a), whether it intends to apply for a bank insolvency order, ... if the Bank of England decides to apply for a bank insolvency order or to exercise a stabilisation power under Part 1, the Bank shall inform the person who gave the notice, within the period in Condition 3(a), and if Condition 5 applies, the Bank of England must, within the period in Condition 3(a), inform the person who gave the notice whether or not it consents to the insolvency procedure to which the notice relates going ahead.

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Source: legislation.gov.uk · retrieved 2026-09-04