(1) A bank liquidator may make a proposal in accordance with section 1 of the Insolvency Act 1986 (company voluntary arrangement).

(2) Before making a proposal the bank liquidator -

(a) shall present a final report on the bank liquidation to the liquidation committee,

(b) shall send a copy of the report to -

(i) the PRA,

(ia) the FCA,

(ii) the FSCS,

(iii) the Bank of England,

(iv) the Treasury, and

(v) the registrar of companies, and

(c) shall make the report available to members, creditors and contributories on request.

(3) A proposal may be made only with the consent of the liquidation committee.

(4) The liquidation committee may consent only if -

(a) it has passed a full payment resolution, and