http://www.legislation.gov.uk/ukpga/2000/8/section/357/notesUK ParliamentBuilding societiesFriendly societiesLegislationFinancial service industriesExplanatory Notes to Financial Services and Markets Act 2000HM TreasuryKing's Printer of Acts of Parliament2018-03-05 8 14 June 2000 635 In England and Wales and in Northern Ireland insolvency law provides that an individual who is in financial difficulties may apply to the court for a moratorium during which he may prepare a proposal to his creditors for settlement of his debts.  Whilst this moratorium is in force the individual is protected against the presentation of a bankruptcy petition. 636 Subsection (1) of this section provides that the Authority is entitled to be heard by the court on an application for such a moratorium, if this is made by an individual who is an authorised person.  Subsections (3) and (4) provide that the Authority is entitled to send a representative to attend and speak at any meeting of creditors summoned to consider a proposal which a debtor brings forward, and that it shall be informed of the results of any such meeting.  Subsection (5) goes on to provide the Authority with the same rights as creditors to challenge in court a decision by the meeting to agree a creditor’s proposal, or to challenge the implementation of an agreed proposal, if it believes that this is in some way unfair or irregular, whilst subsection (6) provides that the Authority is entitled to be heard by the court if any other person makes such a challenge.