http://www.legislation.gov.uk/ukpga/1986/60/section/73Financial Services Act 1986 (repealed)2025-07-08Financial Services Act 1986 (repealed)1986-11-07texttext/xmlenStatute Law Database2001-12-01
Financial Services Act 1986 (Repealed)Financial Services Act 1986specified amended provision(s)The Criminal Justice and Police Act 2001 (Commencement No. 9) Order 2003art. 2commencement order for 2001 c. 16Financial Services Act 1986 (Repealed)Financial Services Act 1986specified amended provision(s)The Ethical Standards in Public Life etc. (Scotland) Act 2000 (Commencement No. 3) Order 2003art. 2commencement order for 2000 asp 7
Part I Regulation of Investment BusinessChapter VII Winding up and Administration Orders Winding up orders: Northern Ireland.
73
1
On a petition presented by the Secretary of State by virtue of this section, the High Court in Northern Ireland may wind up an authorised person or appointed representative to whom this subsection applies if—
a
the person is unable to pay his debts within the meaning of Article 103 or, as the case may be, Article 185 of the Insolvency (Northern Ireland) Order 1989; or
b
the court is of the opinion that it is just and equitable that the person should be wound up.
2
Subsection (1) above applies to any authorised person, any person whose authorisation is suspended under section 28 above or who is the subject of a direction under section 33(1)(b) above or any appointed representative who is—
a
a company within the meaning of Article 3 of the Companies (Northern Ireland) Order 1986;
b
an unregistered company within the meaning of Article 184 of the Insolvency (Northern Ireland) Order 1989; or
c
a Part XXIII company within the meaning of Article 2 of the Companies (Northern Ireland) Order 1986; or
d
a partnership.
3
For the purposes of a petition under subsection (1) above a person who defaults in an obligation to pay any sum due and payable under any investment agreement shall be deemed to be unable to pay his debts.
4
Where a petition is presented under subsection (1) above for the winding up of a partnership on the ground mentioned in paragraph (b) of subsection (1) above, the High Court in Northern Ireland shall have jurisdiction and the Insolvency (Northern Ireland) Order 1989 shall have effect as if the partnership were an unregistered company within the meaning of Article 184 of that Order.
5
The Secretary of State shall not present a petition under subsection (1) above for the winding up of any person who is an authorised person by virtue of membership of a recognised self-regulating organisation or certification by a recognised professional body and is subject to the rules of the organisation or body in the carrying on of all investment business carried on by him, unless that organisation or body has consented to his doing so.
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)
Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2
Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)
Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5
Words in s. 73(1)(a),(2)(b),(c) and (4) substituted (N.I.)(1. 10. 1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 Pt. II para. 47; S.R. 1991/411, art.2.