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Application to vary transfer order where transferee is bridge-bank.
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33.— (1) If assets or liabilities have been transferred to a bridge-bank by a transfer order, and the Bank finds a suitable transferee for some or all of those assets and liabilities on terms and conditions that the Bank considers appropriate, the Bank may apply to the Court to vary the transfer order to provide that that transferee’s name be substituted as transferee of those assets and liabilities, and to provide for the variation of other terms and conditions (including conditions relating to consideration) of the transfer order.
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(2) The Court may not make an order substituting a transferee under subsection (1) without the consent of the person whose name is to be substituted as transferee.
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(3) If the Court orders that the consideration is varied—
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(a) the transferee shall repay, to the bridge-bank (or the person who paid that consideration on behalf of the bridge-bank), the consideration under the transfer order before its variation, and
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(b) the transferee shall pay, as the Court may direct, any excess over the amount repaid under paragraph (a)—
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(i) to the transferor,
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(ii) to the bridge-bank, or
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(iii) to the transferor and the bridge-bank.
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(4) If assets or liabilities have been transferred to a bridge-bank pursuant to a transfer order, and the Bank, after such period as the Bank considers reasonable, forms the opinion that a suitable transferee cannot be found for particular assets and liabilities on terms and conditions that the Bank considers appropriate, the Bank may apply to the Court to vary the transfer order to provide that those assets or liabilities be returned to the transferor.
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