Part XXIV Insolvency
Bankruptcy
374F1Powers of FCA or PRA to participate in proceedings.
1
This section applies if a person F3... presents a petition to the court—
a
under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual;
b
under section 5 of the 1985 Act for the sequestration of the estate of an individual; or
c
under section 6 of the 1985 Act for the sequestration of the estate belonging to or held for or jointly by the members of an entity mentioned in subsection (1) of that section.
2
The F4appropriate regulator is entitled to be heard—
a
at the hearing of the petition; and
b
at any other hearing in relation to the individual or entity under—
i
Part IX of the 1986 Act;
ii
Part IX of the 1989 Order; or
iii
the 1985 Act.
3
A copy of the report prepared under section 274 of the 1986 Act (or Article 248 of the 1989 Order) must also be sent to the F4appropriate regulator.
4
A person appointed for the purpose by the F4appropriate regulator is entitled—
a
to attend any meeting of creditors of the individual or entity;
b
to attend any meeting of a committee established under section 301 of the 1986 Act (or Article 274 of the 1989 Order);
c
to attend any meeting of commissioners held under paragraph 17 or 18 of Schedule 6 to the 1985 Act; and
d
to make representations as to any matter for decision at such a meeting.
5
“Individual” means an individual who—
a
is, or has been, an authorised person; or
b
is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
6
“Entity” means an entity which—
a
is, or has been, an authorised person; or
b
is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
F27
"The appropriate regulator” means—
a
for the purposes of subsections (2) and (3)—
i
where the individual or entity 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 individual or entity is a PRA-regulated person, the FCA or the PRA, and
ii
in any other case, the FCA.
8
But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.