365 [F1Powers of FCA and PRA] to participate in proceedings.U.K.
(1)This section applies in relation to a company which—
(a)is being wound up voluntarily;
(b)is an authorised person [F2or recognised investment exchange]; and
(c)is not an insurer effecting or carrying out contracts of long-term insurance.
(2)The [F3appropriate 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 [F3appropriate 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 [F3appropriate regulator].
(5)A person appointed for the purpose by the [F3appropriate 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 [F3appropriate 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 [F3appropriate regulator] may apply to the court under [F4section 896 or 899 of the Companies Act 2006].
[F5(8)"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.]
Textual Amendments
F1Words in s. 365 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 365(1)(b) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 365(2)-(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 365(7) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1), Sch. 1 para. 211(4) (with arts. 6, 11, 12)
F5S. 365(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1S. 365 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C2Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6