(1) The court may make an order declaring that there is no prohibition against the commencement of any proceedings under the law of insolvency of the United Kingdom in relation to the relevant institution or any branch of that institution.

(2) An application for an order under paragraph (1) may be made -

(a) by the Bank of England ("the Bank") on the ground that one or more of the conditions specified in regulation 9(2) are met; or

(b) by the Bank or by a UK creditor of the relevant institution on the ground that one or more of the conditions specified in regulation 9(2)(b) and (c) are met.

(3) In paragraph (1) the reference to the law of insolvency of the United Kingdom is to be construed in accordance with regulation 2(3) of the 2004 Regulations, and the reference to any proceedings under that law includes a reference to -

(a) the bank insolvency procedure (provided by Part 2 of the Banking Act 2009);

(b) the bank administration procedure (provided by Part 3 of that Act);

(c) making a stabilisation instrument;