Section 70C(3)

The condition is that— the obligations of the subsidiary undertaking are guaranteed or otherwise supported by the bank under resolution, the termination rights under the contract are triggered by the insolvency or the financial condition of the bank under resolution, and if a property transfer instrument has been made in relation to the bank under resolution— all the assets and liabilities relating to the contract have been or are being transferred to, or assumed by, a single transferee, or the Bank of England is providing adequate protection for the performance of the obligations of the subsidiary undertaking under the contract in any other way.

← 2 · All articles · 4 →

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