[(1) The condition in this subsection is met in relation to a relevant firm or a parent undertaking if—
(a) there is a deterioration in the financial situation of the relevant firm or the parent undertaking which is a significant deterioration, or
(b) there is a serious infringement by the relevant firm or the parent undertaking of—
(i) a relevant requirement, or
(ii) its memorandum or articles of association or other constituent instrument.
(2) The condition in this subsection is met in relation to a relevant firm if it is not reasonably likely that the deterioration would be reversed or the infringement would be brought to an end by [any measure defined as a “relevant measure” by article 107 of the Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3
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