Section 60(3)

In subsection (2)— “residual bank” means a bank that is a transferor under a property transfer instrument, “pre-transfer shareholder or creditor” means a person who— holds securities issued by, or is a creditor of, a residual bank immediately before a property transfer instrument takes effect, and satisfies conditions specified by the regulations, and the reference to insolvency includes a reference to (i) liquidation, (ii) bank insolvency, (iii) administration, (iv) bank administration, (v) receivership, (vi) a composition with creditors, and (vii) a scheme of arrangement.

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