- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (24/08/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2013
Point in time view as at 24/08/2012.
Financial Services and Markets Act 2000, Cross Heading: Voluntary winding up is up to date with all changes known to be in force on or before 14 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies in relation to a company which—
(a)is being wound up voluntarily;
(b)is an authorised person; and
(c)is not an insurer effecting or carrying out contracts of long-term insurance.
(2)The Authority may apply to the court under section 112 of the 1986 Act (or Article 98 of the 1989 Order) in respect of the company.
(3)The Authority is entitled to be heard at any hearing of the court in relation to the voluntary winding up of the company.
(4)Any notice or other document required to be sent to a creditor of the company must also be sent to the Authority.
(5)A person appointed for the purpose by the Authority is entitled—
(a)to attend any meeting of creditors of the company summoned under any enactment;
(b)to attend any meeting of a committee established under section 101 of the 1986 Act (or Article 87 of the 1989 Order); and
(c)to make representations as to any matter for decision at such a meeting.
(6)The voluntary winding up of the company does not bar the right of the Authority to have it wound up by the court.
(7)If, during the course of the winding up of the 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 [F1section 896 or 899 of the Companies Act 2006].
Textual Amendments
F1Words in s. 365(7) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1), Sch. 1 para. 211(4) (with arts. 6, 11, 12)
Modifications etc. (not altering text)
C1S. 365 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C2Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
(1)An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the Authority.
(2)If notice of a general meeting of such an insurer is given, specifying the intention to propose a resolution for voluntary winding up of the insurer, a director of the insurer must notify the Authority as soon as practicable after he becomes aware of it.
(3)A person who fails to comply with subsection (2) is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
[F2(4)A winding up resolution may not be passed—
(a)as a written resolution (in accordance with Chapter 2 of Part 13 of the Companies Act 2006), or
(b)at a meeting called in accordance with section 307(4) to (6) or 337(2) of that Act (agreement of members to calling of meeting at short notice).]
(5)A copy of a winding-up resolution forwarded to the registrar of companies in accordance with [F3section 30 of the Companies Act 2006] must be accompanied by a certificate issued by the Authority stating that it consents to the voluntary winding up of the insurer.
(6)If subsection (5) is complied with, the voluntary winding up is to be treated as having commenced at the time the resolution was passed.
(7)If subsection (5) is not complied with, the resolution has no effect.
(8)“Winding-up resolution” means a resolution for voluntary winding up of an insurer effecting or carrying out contracts of long-term insurance.
Textual Amendments
F2S. 366(4) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 93(2)
F3Words in s. 366(5) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 93(3)
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