(1) As soon as is reasonably practicable, a liquidation committee must recommend the bank liquidator to pursue -
(a) Objective 1(a) in section 99,
(b) Objective 1(b) in section 99, or
(c) Objective 1(a) for one specified class of case and Objective 1(b) for another.
(2) In making a recommendation the liquidation committee must consider -
(a) the desirability of achieving Objective 1 as quickly as possible, and
(b) Objective 2 in section 99.
(3) If the liquidation committee thinks that the bank liquidator is failing to comply with their recommendation, they must apply to the court for directions under section 168(5) of the Insolvency Act 1986 (as applied by section 103 below).
(4) Where the liquidation committee has not made a recommendation the bank liquidator may apply to the court under section 101(3); and the court may, in particular, make a direction in lieu of a recommendation if the liquidation committee fail to make one within a period set by the court.