Requirement to prepare a business reorganisation plan

(1) Where the creditor participation instrument is applied to recapitalise an institution or group entity under section 95, point 1, the management of the institution or group entity concerned must, within one month of the resolution authority applying the creditor participation instrument, prepare a business reorganisation plan satisfying the requirements laid down in section 103, and submit it to the resolution authority for approval.
(2) In exceptional cases, the resolution authority may extend the period referred to in subsection (1) by up to one month, where this is necessary to achieve the resolution objectives. Where a notification requirement for the business reorganisation plan applies under Union law or the Agreement on the European Economic Area governing State aid, the period under subsection (1) may be extended in line with the period applicable under the State aid procedure, but by no more than one month.
(3) The resolution authority may appoint one or more special managers under section 87 for the purpose of preparing and implementing a business reorganisation plan.
(4) Where the creditor participation instrument is applied, under section 95, point 1, to two or more undertakings of a group, the business reorganisation plan must be prepared by the EU parent institution and must cover all institutions of the group; section 14 applies correspondingly. The business reorganisation plan is submitted to the authority responsible for resolution at group level. Where the resolution authority is the authority responsible for group resolution under section 155, it forwards the business reorganisation plan to the resolution authorities responsible for the other group undertakings and to the European Banking Authority.