Part XXIV

Insolvency

Administration orders

Petitions
359
1
The Authority may present a petition to the court under section 9 of the 1986 Act (or Article 22 of the 1989 Order) in relation to a company or insolvent 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.
2
Subsection (3) applies in relation to a petition presented by the Authority by virtue of this section.
3
If the company or partnership is in default on an obligation to pay a sum due and payable under an agreement, it is to be treated for the purpose of section 8(1)(a) of the 1986 Act (or Article 21(1)(a) of the 1989 Order) as unable to pay its debts.
4
“Agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the company or partnership.
5
“Company” means—
a
a company to which section 8 of the 1986 Act applies; or
b
in relation to Northern Ireland, a company to which Article 21 of the 1989 Order applies.