(1) This section applies if -

(a) the Bank of England has given an Objective 1 Achievement Notice, and

(b) the bank administrator pursues Objective 2(b) in section 140.

(2) The bank administrator may -

(a) give a notice under paragraph 84 of Schedule B1 to the Insolvency Act 1986 (no more assets for distribution), or

(b) make a proposal in accordance with section 1 of that Act (company voluntary arrangement).

(2A) For the purpose of subsection (2)(a), paragraph 84 of Schedule B1 has effect without the amendment made by paragraph 10(33) of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to opted-out creditors).

(3) Part 1 of the Insolvency Act 1986 shall apply to a proposal made by a bank administrator, with the following modifications.