(1) A bank liquidator may be removed by resolution of a meeting of creditors held pursuant to section 195 of the Insolvency Act 1986 (as applied by section 103 above) provided that the following conditions are met.
(2) Condition 1 is that the liquidation committee has passed a full payment resolution.
(3) Condition 2 is that the notice given to creditors of the meeting includes notice of intention to move a resolution removing the bank liquidator.
(4) Condition 3 is that the Bank of England, the PRA and the FCA -
(a) receive notice of the meeting, and
(b) are given an opportunity to make representations to it.
(5) A bank liquidator who is removed under this section has release with effect -
(a) from the time when the court is informed of the removal, or
(b) if the meeting removing the bank liquidator resolves to disapply paragraph (a), from a time determined by -
(i) the Secretary of State, or
(ii) in the case of a bank liquidator in Scotland, the Accountant of Court.