(1) A bank liquidator may be removed by resolution of a meeting of creditors held pursuant to section 195 of the Insolvency Act 1986 (as applied by section 103 above) provided that the following conditions are met.

(2) Condition 1 is that the liquidation committee has passed a full payment resolution.

(3) Condition 2 is that the notice given to creditors of the meeting includes notice of intention to move a resolution removing the bank liquidator.

(4) Condition 3 is that the Bank of England, the PRA and the FCA -

(a) receive notice of the meeting, and

(b) are given an opportunity to make representations to it.

(5) A bank liquidator who is removed under this section has release with effect -

(a) from the time when the court is informed of the removal, or

(b) if the meeting removing the bank liquidator resolves to disapply paragraph (a), from a time determined by -

(i) the Secretary of State, or

(ii) in the case of a bank liquidator in Scotland, the Accountant of Court.