A third party compensation order in relation to a partial property transfer must include either -

(a) a provision specifying that the independent valuer must assess the insolvency treatment as required under regulation 5(2) on the basis that the banking institution had entered a particular insolvency process specified in the order; or

(b) a provision specifying that the independent valuer must determine what insolvency process it is likely that the banking institution would have entered, had the following instrument or order not been made -

(i) in the case of Case 1 (as specified in regulation 2(2)), the partial property transfer;

(ii) in the case of Case 2 (as specified in regulation 2(3)), the property transfer instrument made in accordance with section 11(2), 12(2) or 12ZA(3) of the Act;

(iii) in the case of Case 3 (as specified in regulation 2(4)), the share transfer order made in accordance with section 13(2) of the Act.