Section 89K

If — insolvency proceedings may not be commenced in relation to that firm except by, or with the consent of, the Bank of England. a stabilisation power has been exercised in respect of a relevant firm, or the conditions in section 7 are met in relation to a relevant firm, For the purposes of subsection (1), the commencement of insolvency proceedings means— making an application for an administration order; presenting a petition for winding up; proposing a resolution for voluntary winding up; appointing an administrator. In this section— “relevant firm” means— a bank, building society, investment firm, financial holding company, mixed financial holding company or a mixed activity holding company, or a financial institution which is a subsidiary undertaking of an entity within sub-paragraph (i); “building society” has the meaning given in the Building Societies Act 1986; “financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation; “financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation; “mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation; “mixed financial holding company” has the meaning given in Article 4.1(21) of the capital requirements regulation.

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