(1) This section applies if -
(a) the Bank of England has given an Objective 1 Achievement Notice, and
(b) the bank administrator pursues Objective 2(b) in section 140.
(2) The bank administrator may -
(a) give a notice under paragraph 84 of Schedule B1 to the Insolvency Act 1986 (no more assets for distribution), or
(b) make a proposal in accordance with section 1 of that Act (company voluntary arrangement).
(2A) For the purpose of subsection (2)(a), paragraph 84 of Schedule B1 has effect without the amendment made by paragraph 10(33) of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to opted-out creditors).
(3) Part 1 of the Insolvency Act 1986 shall apply to a proposal made by a bank administrator, with the following modifications.
(3A) Sections 2 to 6 and 7 [Schedule A1 was inserted by the Insolvency Act 2000, Schedule 1, paragraphs 1 and 4; and was amended by the Enterprise Act 2002, Schedule 17, paragraphs 9 and 37, and by the Fi
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