Part XXIV Insolvency

Winding up by the court

F1369AReclaim funds: service of petition etc on F2FCA and PRA

(1)

If a person F3other than a regulator presents a petition for the winding up of an authorised reclaim fund, the petitioner must serve a copy of the petition F4on the appropriate regulator.

(2)

If a person F5other than a regulator applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of an authorised reclaim fund, the applicant must serve a copy of the application F6on the appropriate regulator.

(3)

In this section “authorised reclaim fund” F7has the same meaning as in the Dormant Assets Acts 2008 to 2022 (see section 26 of the Dormant Assets Act 2022).

F8(4)

"The appropriate regulator” means—

(a)

in relation to an authorised reclaim fund that is a PRA-authorised person, the FCA and the PRA, and

(b)

in relation to any other authorised reclaim fund, the FCA.

(5)

If either regulator—

(a)

presents a petition for the winding up of an authorised reclaim fund that is a PRA-authorised person, or

(b)

applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of an authorised reclaim fund that is a PRA-authorised person,

that regulator must serve a copy of the petition or application (as the case requires) on the other regulator.