Financial Services and Markets Act 2000

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Whole provisions yet to be inserted into this Act (including any effects on those provisions):

s. 427A(3) by 2002 c. 40 s. 248 Sch. 17 para. 59 (Amendment not carried through. The Financial Services and Markets Act 2000 does not contain a section 427A.)

362 Authority’s powers to participate in proceedings.E+W+S+N.I.

This section has no associated Explanatory Notes

(1)This section applies if a person other than the Authority [F1makes an administration application under Schedule B1 to the 1986 Act [F2or Schedule B1 to the 1989 Order]] in relation to a company or partnership which—

(a)is, or has been, an authorised person;

(b)is, or has been, an appointed representative; or

(c)is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.

[F3(1A)This section also applies in relation to—

(a)the appointment under paragraph 14 or 22 of Schedule B1 to the 1986 Act [F4or paragraph 15 or 23 of Schedule B1 to the 1989 Order] of an administrator of a company of a kind described in subsection (1)(a) to (c), or

(b)the filing with the court of a copy of notice of intention to appoint an administrator under [F5any] of those paragraphs.]

(2)The Authority is entitled to be heard—

(a)at the hearing of the [F6administration application [F7or the petition]]; and

(b)at any other hearing of the court in relation to the company or partnership under Part II of the 1986 Act (or Part III of the 1989 Order).

(3)Any notice or other document required to be sent to a creditor of the company or partnership must also be sent to the Authority.

[F8(4)The Authority may apply to the court under paragraph 74 of Schedule B1 to the 1986 Act [F9or paragraph 75 of Schedule B1 to the 1989 Order].

(4A)In respect of an application under subsection (4)—

(a)paragraph 74(1)(a) and (b) shall have effect as if for the words “harm the interests of the applicant (whether alone or in common with some or all other members or creditors)” there were substituted the words “harm the interests of some or all members or creditors”, and

[F10(b)paragraph 75(1)(a) and (b) of Schedule B1 to the 1989 Order shall have effect as if for the words “harm the interests of the applicant (whether alone or in common with some or all other members or creditors)” there were substituted the words harm the interests of some or all members or creditors.]]

(5)A person appointed for the purpose by the Authority is entitled—

(a)to attend any meeting of creditors of the company or partnership summoned under any enactment;

(b)to attend any meeting of a committee established under [F11paragraph 57 of Schedule B1 to the 1986 Act](or [F12paragraph 58 of Schedule B1 to the 1989 Order]; and

(c)to make representations as to any matter for decision at such a meeting.

(6)If, during the course of the administration of a company, a compromise or arrangement is proposed between the company and its creditors, or any class of them, the Authority may apply to the court under [F13section 896 or 899 of the Companies Act 2006].

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Amendments (Textual)

F1Words in s. 362(1) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(a) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)