(1) This Part provides for a procedure to be known as bank insolvency.
(2) The main features of bank insolvency are that -
(a) a bank enters the process by court order,
(b) the order appoints a bank liquidator,
(c) the bank liquidator aims to arrange for the bank's eligible depositors to have their accounts transferred or to receive their compensation from the FSCS,
(d) the bank liquidator then winds up the bank, and
(e) for those purposes, the bank liquidator has powers and duties of liquidators, as applied and modified by the provisions of this Part.
(3) The Table describes the provisions of this Part.