C3C4C5Part XXIV Insolvency
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))
Administration orders
C1C2362AF3 Administrator appointed by company or directors
1
This section applies in relation to a company F5or partnership of a kind described in section 362(1)(a) to (c).
F42
An administrator of the company or partnership may not be appointed under a provision specified in subsection (2A) without the consent of the appropriate regulator.
2A
Those provisions are—
a
paragraph 22 of Schedule B1 to the 1986 Act (including that paragraph as applied in relation to partnerships by order under section 420 of that Act);
b
paragraph 23 of Schedule B1 to the 1989 Order (including that paragraph as applied in relation to partnerships by order under article 364 of that Order).
2B
“The appropriate regulator” means—
a
where the company or partnership is a PRA-regulated person, the PRA, and
b
in any other case, the FCA.
3
Consent under subsection (2)—
a
must be in writing, and
b
must be filed with the court along with the notice of intention to appoint under paragraph 27 of F1Schedule B1 to the 1986 Act or paragraph 28 of Schedule B1 to the 1989 Order.
4
In a case where no notice of intention to appoint is required—
a
subsection (3)(b) shall not apply, but
b
consent under subsection (2) must accompany the notice of appointment filed under paragraph 29 of F2Schedule B1 to the 1986 Act or paragraph 30 of Schedule B1 to the 1989 Order.
Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)