Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XXIV/crossheading/voluntary-winding-up
Timestamp: 2019-08-20 13:48:35
Document Index: 259446532

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 10', 'art. 10', 'art. 3', 'art. 3']

Changes over time for: Cross Heading: Voluntary winding up
Voluntary winding upU.K.
365 [F1Powers of FCA and PRA] to participate in proceedings.U.K.
(1)This section applies in relation to a company which—
(a)is being wound up voluntarily;
(b)is an authorised person [F2or recognised investment exchange]; and
(c)is not an insurer effecting or carrying out contracts of long-term insurance.
(2)The [F3appropriate regulator] may apply to the court under section 112 of the 1986 Act (or Article 98 of the 1989 Order) in respect of the company.
(3)The [F3appropriate regulator] is entitled to be heard at any hearing of the court in relation to the voluntary winding up of the company.
(4)Any notice or other document required to be sent to a creditor of the company must also be sent to the [F3appropriate regulator].
(6)The voluntary winding up of the company does not bar the right of the [F3appropriate regulator] to have it wound up by the court.
(7)If, during the course of the winding up of the company, a compromise or arrangement is proposed between the company and its creditors, or any class of them, the [F3appropriate regulator] may apply to the court under [F4section 896 or 899 of the Companies Act 2006].
[F5(8)"The appropriate regulator” means—
(a)for the purposes of subsections (2) to (4), (6) and (7)—
(i)where the company is a PRA-authorised person, each of the FCA and the PRA, and
(i)where the company is a PRA-authorised person, the FCA or the PRA, and
F1Words in s. 365 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 365(1)(b) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 365(2)-(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 365(7) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1), Sch. 1 para. 211(4) (with arts. 6, 11, 12)
F5S. 365(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C1S. 365 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
(1)An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the [F6PRA].
(2)If notice of a general meeting of such an insurer is given, specifying the intention to propose a resolution for voluntary winding up of the insurer, a director of the insurer must notify the [F7PRA] as soon as practicable after he becomes aware of it.
[F8(4)A winding up resolution may not be passed—
(5)A copy of a winding-up resolution forwarded to the registrar of companies in accordance with [F9section 30 of the Companies Act 2006] must be accompanied by a certificate issued by the [F10PRA] stating that it consents to the voluntary winding up of the insurer.
[F11(9)Before giving or refusing consent under subsection (1), the PRA must consult the FCA.
F6Word in s. 366(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 13(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Word in s. 366(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 13(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8S. 366(4) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 93(2)
F9Words in s. 366(5) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 93(3)
F10Word in s. 366(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 13(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11S. 366(9)(10) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 13(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.