HM Treasury - Transfer of Bradford & Bingley's businesses

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On 29 September 2008 the Chancellor of the Exchequer announced that by Transfer Order under the Banking (Special Provisions) Act 2008, Bradford & Bingley's UK and Isle of Man retail deposit business along with its branch network had been transferred to Abbey National plc and that the remainder of Bradford & Bingley's business had been taken into public ownership. Under the Transfer Order, the Financial Services Compensation Scheme (FSCS) has paid out approximately £14 billion to enable retail deposits held in Bradford & Bingley and covered by the FSCS to be transferred to Abbey. The Treasury has made a payment to Abbey for retail deposit amounts not covered by the FSCS, amounting to approximately £4 billion. In return, the FSCS and HM Treasury have acquired rights in respects of the proceeds of the wind-down and realisation of the assets of the remaining business of Bradford & Bingley in public ownership.

Working closely with Treasury Legal Advisers, Slaughter and May advised HM Treasury. A team of several dozen lawyers across a range of disciplines was involved, including:

Charles Randell (partner), John Papanichola (partner), Tim Persson (associate), Stephen Coleman (associate), Charlotte Saunders (associate); Corporate Recovery: George Seligman (partner); Sarah Paterson (partner); Financing: Guy O'Keefe (partner), Matthew Tobin (partner), Richard Jones (associate), Ed Fife (associate), Thomas Vickers (associate), James Morgan (associate), Laurie Keel (associate); Financial Regulation: Ben Kingsley (partner); Competition: William Sibree (partner); Dispute Resolution: Elizabeth Barrett (partner), David Cracknell (associate); Employment and Pensions: Sandeep Maudgil (partner), Lizzie Twigger (associate); Tax: Graham Iversen (partner)