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
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.