(1) A transferor in relation to a transfer order (other than a transfer order where the transferee is a bridge-bank), or, where the transferor is a subsidiary or a holding company of an authorised credit institution, that credit institution, may dispute the amount of the consideration specified in the transfer order for the assets and liabilities the subject of that order, if the transferor or credit institution, as the case may be, believes that -
(a) the consideration was not determined following a competitive process,
(b) it would have been practicable in all the circumstances for a competitive process to have been carried out, and
(c) the market value would have been materially greater than the consideration specified in the transfer order had a competitive process been carried out.
(2) In order to dispute the amount of consideration, the authorised credit institution shall serve a written notice to that effect on the Bank, not later than 14 days after the transfer order takes effe
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