Part XXIV Insolvency

Winding up by the court

C1C2371F2Powers of FCA and PRA to participate in proceedings.

1

This section applies if a person F4... presents a petition for the winding up of a body which—

a

is, or has been, an authorised person F5or 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.

2

The F6appropriate regulator is entitled to be heard—

a

at the hearing of the petition; and

b

at any other hearing of the court in relation to the body under or by virtue of Part IV or V of the 1986 Act (or Part V or VI of the 1989 Order).

3

Any notice or other document required to be sent to a creditor of the body must also be sent to the F6appropriate regulator.

4

A person appointed for the purpose by the F6appropriate regulator is entitled—

a

to attend any meeting of creditors of the body;

b

to attend any meeting of a committee established for the purposes of Part IV or V of the 1986 Act under section 101 of that Act or under section 141 or 142 of that Act;

c

to attend any meeting of a committee established for the purposes of Part V or VI of the 1989 Order under Article 87 of that Order or under Article 120 of that Order; and

d

to make representations as to any matter for decision at such a meeting.

5

If, during the course of the winding up of a company, a compromise or arrangement is proposed between the company and its creditors, or any class of them, the F6appropriate regulator may apply to the court under F1section 896 or 899 of the Companies Act 2006.

F36

"The appropriate regulator” means—

a

for the purposes of subsections (2), (3) and (5)—

i

where the body is a PRA-regulated person, each of the FCA and the PRA, and

ii

in any other case, the FCA;

b

for the purposes of subsection (4)—

i

where the body is a PRA-regulated person, the FCA or the PRA, and

ii

in any other case, the FCA.

7

But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.