(1) A bank insolvency order shall be treated as having taken effect in accordance with this section.

(2) In the case where -

(a) notice has been given to the PRA under section 120 of an application for an administration order or a petition for a winding up order, and

(b) the PRA or the Bank of England applies for a bank insolvency order in the period of 2 weeks specified in Condition 3 in that section,

the bank insolvency order is treated as having taken effect when the application or petition was made or presented.

(3) In any other case, the bank insolvency order is treated as having taken effect when the application for the order was made.

(4) Unless the court directs otherwise on proof of fraud or mistake, proceedings taken in the bank insolvency, during the period for which it is treated as having had effect, are treated as having been taken validly.