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

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 F5appropriate regulator may apply to the court under F1section 896 or 899 of the Companies Act 2006.

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.