Part XXIV Insolvency
Voluntary winding up
C1C2365F2Powers of FCA and PRA to participate in proceedings.
1
This section applies in relation to a company which—
a
is being wound up voluntarily;
b
is an authorised person F4or recognised investment exchange; and
c
is not an insurer effecting or carrying out contracts of long-term insurance.
2
The F5appropriate regulator 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 F5appropriate regulator 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 F5appropriate regulator.
5
A person appointed for the purpose by the F5appropriate regulator 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 F5appropriate regulator to have it wound up by the court.
7
F38
"The appropriate regulator” means—
a
for the purposes of subsections (2) to (4), (6) and (7)—
i
where the company is a PRA-authorised person, each of the FCA and the PRA, and
ii
in any other case, the FCA;
b
for the purposes of subsection (5)—
i
where the company is a PRA-authorised person, the FCA or the PRA, and
ii
in any other case, the FCA.