C7Part XXIV Insolvency
Winding up by the court
C1C2C3C4C8367 Winding-up petitions.
1
The F2FCA may present a petition to the court for the winding up of a body which—
a
is, or has been, an authorised person F3or recognised investment exchange;
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.
F11A
The PRA may present a petition to the court for the winding up of a body which is a PRA-regulated person.
2
In F4subsections (1) and (1A) “body” includes any partnership.
3
On such a petition, the court may wind up the body if—
F6za
in the case of an insurance undertaking or reinsurance undertaking, the PRA has cancelled the body’s Part 4A permission pursuant to section 55J(7C);
C5a
the body is unable to pay its debts within the meaning of section 123 or 221 of the 1986 Act (or Article 103 or 185 of the 1989 Order); or
b
the court is of the opinion that it is just and equitable that it should be wound up.
4
If a body 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 subsection (3)(a) as unable to pay its debts.
C65
“Agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the body concerned.
6
Subsection (7) applies if a petition is presented under subsection (1) F5or (1A) for the winding up of a partnership—
a
on the ground mentioned in subsection (3)(b); or
b
in Scotland, on a ground mentioned in subsection (3)(a) or (b).
7
The court has jurisdiction, and the 1986 Act (or the 1989 Order) has effect, as if the partnership were an unregistered company as defined by section 220 of that Act (or Article 184 of that Order).
Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)