Section 120(7)

Condition 3 is that— the period of 7 days, beginning with the day on which the notice is received, has ended, or both— the Bank of England has informed the person who gave the notice that it does not intend to exercise a stabilisation power under Part 1 in relation to the firm (and Condition 5 has been met, if applicable), and each of the PRA and the Bank of England has informed the person who gave the notice that it does not intend to apply for a bank insolvency order.

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