Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XXIV
Timestamp: 2019-08-21 02:19:05
Document Index: 178995182

Matched Legal Cases: ['art. 1', 'art. 1', 'art. 3', 'arts 2', 'art. 5', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'art. 10', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 1', 'art. 1', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 1', 'art. 1', 'art 4', 'art 4', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 10', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'arts 2', 'art. 5', 'art. 10', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'arts 2', 'art. 5', 'art. 10', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 10', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 10', 'art. 10', 'art. 3', 'art. 3', 'art 4', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 1', 'art. 3', 'art. 1', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 1', 'art. 3', 'art. 3', 'art. 1', 'art. 1', 'art. 3', 'art. 1', 'art. 1', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'arts 2', 'art. 5', 'art. 3', 'art. 3', 'art. 2']

Pt. 24 applied (with modifications) by S.I. 2017/1212 reg. 166(2) 167(2) Sch. 2 3
Part XXIVU.K. Insolvency
355 Interpretation of this Part.U.K.
“the 1986 Act” means the M1Insolvency Act 1986;
“the 1989 Order” means the M2Insolvency (Northern Ireland) Order 1989;
[F2“the 2016 Act” means the Bankruptcy (Scotland) Act 2016;]
over which the court has jurisdiction under any provision of, or made under, the 1986 Act (or the 1989 Order); but
which is not a building society, a friendly society or [F3a registered society]; and
the court having jurisdiction for the purposes of the 1985 Act or the 1986 Act; or
in Northern Ireland, the High Court.
[F4“PRA-regulated person” means a person who—
is carrying on or has carried on a PRA-regulated activity in contravention of the general prohibition.]
F1Words in s. 355(1) omitted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034, art. 1, Sch. 1 para. 20(4)(a)
F2Words in s. 355(1) inserted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034, art. 1, Sch. 1 para. 20(4)(b)
F3Words in s. 355(1) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 70 (with Sch. 5)
F4Words in s. 355(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 2 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C1S. 355 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 5(1)(3)
356 [F5Powers of FCA and PRA] to participate in proceedings: company voluntary arrangements.U.K.
[F6(1)Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, [F7or recognised investment exchange, the appropriate regulator] may apply to the court under section 6 or 7 of that Act.]
[F8(2)Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, [F9or recognised investment exchange, the appropriate regulator] may apply to the court under Article 19 or 20 of that Order.]
(3)If a person other than [F10a regulator] makes an application to the court in relation to the company or insolvent partnership under [F11any] of those provisions, [F12the appropriate regulator] is entitled to be heard at any hearing relating to the application.
[F13(4)"The appropriate regulator” means—
F5Words in s. 356 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6S. 356(1) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(a); S.I. 2002/2711, art. 2
F7Words in s. 356(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8S. 356(2) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(b); S.I. 2002/2711, art. 2
F9Words in s. 356(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10Words in s. 356(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11Word in s. 356(3) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(c); S.I. 2002/2711, art. 2
F12Words in s. 356(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F13S. 356(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C2S. 356 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C3S. 356 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C4S. 356 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 6 (with art. 10)
357 [F14Powers of FCA and PRA] to participate in proceedings: individual voluntary arrangements.U.K.
(1)The [F15appropriate regulator] is entitled to be heard on an application by an individual who is an authorised person under section 253 of the 1986 Act (or Article 227 of the 1989 Order).
(3)A person appointed for the purpose by the [F15appropriate regulator] is entitled to attend any meeting of creditors of the debtor summoned under section 257 of the 1986 Act (or Article 231 of the 1989 Order).
(4)Notice of the result of a meeting so summoned is to be given to the [F15appropriate regulator] by the chairman of the meeting.
(5)The [F15appropriate regulator] may apply to the court—
(6)If a person other than [F16a regulator] makes an application to the court under any provision mentioned in subsection (5), [F17the appropriate regulator] is entitled to be heard at any hearing relating to the application.
[F18(7)"The appropriate regulator” means—
(8)If either regulator makes an application to the court under any of the provisions mentioned in subsection (5) in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.]
F14Words in s. 357 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15Words in s. 357(1)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F16Words in s. 357(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F17Words in s. 357(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18S. 357(7)(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
358 [F19Powers of FCA and PRA] to participate in proceedings: trust deeds for creditors in Scotland.U.K.
(1)This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person [F20or recognised investment exchange].
(2)The trustee must, as soon as practicable after he becomes aware that the debtor is an authorised person [F21or recognised investment exchange], send to the [F22appropriate regulator]—
(b)where any other document or information is sent to every creditor known to the trustee in pursuance of [F23section 170 of the 2016] Act, a copy of such document or information.
(4)The [F22appropriate regulator] must be given the same notice as the creditors of any meeting of creditors held in relation to the trust deed.
(5)A person appointed for the purpose by [F25the appropriate regulator] is entitled to attend and participate in (but not to vote at) any such meeting of creditors as if [F26that regulator] were a creditor under the deed.
(6)This section does not affect any right [F27a regulator] has as a creditor of a debtor who is an authorised person [F28or recognised investment exchange].
[F29(6A)"The appropriate regulator” means—
(i)for the purposes of subsections (2) F30... and (4), each of the FCA and the PRA, and
(ii)for the purposes of subsection (5), the FCA or the PRA;
(7)Expressions used in this section and in the [F312016] Act have the same meaning in this section as in that Act.
F19Words in s. 358 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F20Words in s. 358(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Words in s. 358(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F22Words in s. 358(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F23Words in s. 358(2)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(a)
F24S. 358(3) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(b)
F25Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F26Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F27Words in s. 358(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F28Words in s. 358(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F29S. 358(6A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F30Word in s. 358(6A)(a)(i) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(c)
F31Word in s. 358(7) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(5)(d)
[F32359 Administration orderU.K.
(1)The [F33FCA] may make an administration application under Schedule B1 to the 1986 Act [F34or Schedule B1 to the 1989 Order] in relation to a company or insolvent partnership which—
(a)is or has been an authorised person [F35or recognised investment exchange],
[F36(1A)The PRA may make an administration application under Schedule B1 to the 1986 Act or Schedule B1 to the 1989 Order in relation to a company or insolvent partnership which is a PRA-regulated person.]
(2)Subsection (3) applies in relation to an administration application made (or a petition presented) by [F37a regulator] by virtue of this section.
(3)Any of the following shall be treated for the purpose of paragraph 11(a) of Schedule B1 to the 1986 Act [F38or paragraph 12(a) of Schedule B1 to the 1989 Order] as unable to pay its debts—
(a)a company or partnership in default on an obligation to pay a sum due and payable under an agreement, F39. . .
(b)an authorised deposit taker in default on an obligation to pay a sum due and payable in respect of a relevant deposit.[F40, and—
“authorised deposit taker” means a person with a [F41Part 4A] permission to accept deposits (but not a person who has a [F41Part 4A] permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission),
[F42“authorised reclaim fund” means a reclaim fund within the meaning given by section 5(1) of the Dormant Bank and Building Society Accounts Act 2008 that is authorised for the purposes of this Act;]
[F43in respect of which an administrator may be appointed under Schedule B1 to the 1989 Order,]
F32S. 359 substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 55 (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F33Word in s. 359(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 6(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F34Words in s. 359(1) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 58(2); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F35Words in s. 359(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 6(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F36S. 359(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 6(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F37Words in s. 359(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 6(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F38Words in s. 359(3) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 58(3); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F39Word in s. 359(3)(a) omitted (12.3.2009) by virtue of Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1), Sch. 2 para. 6(2); S.I. 2009/490, art. 2 (with art. 3)
F40S. 359(3)(c) and preceding word inserted (12.3.2009) by Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1), Sch. 2 para. 6(2); S.I. 2009/490, art. 2 (with art. 3)
F41Words in s. 359(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 6(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F42S. 359(4): definition of "authorised reclaim fund" inserted (12.3.2009) by Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1), Sch. 2 para. 6(3); S.I. 2009/490, art. 2 (with art. 3)
F43S. 359(4): in the definition of "company", paragraph (b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 58(4); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
C5S. 359 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 6 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 155(6)(f) (with Sch. 2 para. 156))
C6S. 359 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 7 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(g))
C7S. 359 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 7 (with art. 10)
C8S. 359(1)-(4) applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C9S. 360 excluded (10.8.2005) by The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 (S.I. 2005/1998), reg. 2(4)
[F45361Administrator’s duty to report to [F44FCA and PRA] U.K.
[F46(b)in administration within the meaning of Schedule B1 to the 1989 Order.]
[F47(2)If the administrator thinks that the company or partnership is carrying on, or has carried on—
the administrator must report the matter to the appropriate regulator without delay.]
[F48(2A)"The appropriate regulator” means—
[F49(3)Subsection (2) does not apply where—
(b)the regulator's application or petition depended on a contravention by the company or partnership of the general prohibition.]]
F44Words in s. 361 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F45S. 361 substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 56 (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F46S. 361(1)(b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 59; S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F47S. 361(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F48S. 361(2A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F49S. 361(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C10Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C11S. 361 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 5(1)(4)
C12S. 361 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 8 (with art. 10)
362 [F50Powers of FCA and PRA] to participate in proceedings.U.K.
(1)This section applies if a person F51... [F52makes an administration application under Schedule B1 to the 1986 Act [F53or Schedule B1 to the 1989 Order]] in relation to a company or partnership which—
(a)is, or has been, an authorised person [F54or recognised investment exchange];
[F55(1A)This section also applies in relation to—
(a)the appointment under paragraph 14 or 22 of Schedule B1 to the 1986 Act [F56or paragraph 15 or 23 of Schedule B1 to the 1989 Order] of an administrator of a company of a kind described in subsection (1)(a) to (c), or
(b)the filing with the court of a copy of notice of intention to appoint an administrator under [F57any] of those paragraphs.]
[F58(1B)This section also applies in relation to—
(a)the appointment under paragraph 22 of Schedule B1 to the 1986 Act (as applied by order under section 420 of the 1986 Act), or under paragraph 23 of Schedule B1 to the 1989 Order (as applied by order under Article 364 of the 1989 Order), of an administrator of a partnership of a kind described in subsection (1)(a) to (c), or
(b)the filing with the court of a copy of notice of intention to appoint an administrator under either of those paragraphs (as so applied).]
(2)The [F59appropriate regulator] is entitled to be heard—
(a)at the hearing of the [F60administration application [F61or the petition]]; and
(3)Any notice or other document required to be sent to a creditor of the company or partnership must also be sent to the [F59appropriate regulator].
[F62(4)The [F59appropriate regulator] may apply to the court under paragraph 74 of Schedule B1 to the 1986 Act [F63or paragraph 75 of Schedule B1 to the 1989 Order].
[F64(b)paragraph 75(1)(a) and (b) of Schedule B1 to the 1989 Order shall have effect as if for the words “harm the interests of the applicant (whether alone or in common with some or all other members or creditors)” there were substituted the words harm the interests of some or all members or creditors.]]
(5)A person appointed for the purpose by the [F59appropriate regulator] is entitled—
(b)to attend any meeting of a committee established under [F65paragraph 57 of Schedule B1 to the 1986 Act] (or [F66paragraph 58 of Schedule B1 to the 1989 Order]; and
(6)If, during the course of the administration of a company, a compromise or arrangement is proposed between the company and its creditors, or any class of them, the [F59appropriate regulator] may apply to the court under [F67section 896 or 899 of the Companies Act 2006].
[F68(7)"The appropriate regulator” means—
(a)for the purposes of subsections (2) to (4) and (6)—
(i)where the company or partnership is a PRA-regulated person, each of the FCA and the PRA, and
(i)where the company or partnership is a PRA-regulated person, the FCA or the PRA, and
(8)But where the administration application was made by a regulator “the appropriate regulator” does not include that regulator.]
F50Words in s. 362 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 8(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F51Words in s. 362(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 8(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F52Words in s. 362(1) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(a) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F53Words in s. 362(1) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 60(2); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F54Words in s. 362(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 8(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F55S. 362(1A) inserted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(b) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F56Words in s. 362(1A)(a) inserted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 60(3)(a); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F57Word in s. 362(1A)(b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 60(3)(b); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F58S. 362(1B) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 8(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F59Words in s. 362(2)-(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 8(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F60Words in s. 362(2)(a) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(c) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F61Words in s. 362(2)(a) repealed (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), 31, Sch. 2 para. 60(4), Sch. 9; S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F62S. 362(4)(4A) substituted (15.9.2003) for s. 362(4) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(d) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F63Words in s. 362(4) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 60(5); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F64S. 362(4A)(b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 60(6); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F65Words in s. 362(5)(b) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(e) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F66Words in s. 362(5)(b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 60(7); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F67Words in s. 362(6) 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)
F68S. 362(7)(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 8(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C13S. 362 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C14Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C15S. 362 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 5(1)(5)
C16S. 362 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 9 (with art. 10)
C17S. 362(6) applied (with modifications) (8.2.2011 with application in accordance with reg. 27(a) of the applying S.I.) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), regs. 1, 27(a), Sch. 6 para. 3(4)
[F69362A Administrator appointed by company or directorsU.K.
(1)This section applies in relation to a company [F70or partnership] of a kind described in section 362(1)(a) to (c).
[F71(2)An administrator of the company or partnership may not be appointed under a provision specified in subsection (2A) without the consent of the appropriate regulator.
(b)must be filed with the court along with the notice of intention to appoint under paragraph 27 of [F72Schedule B1 to the 1986 Act or paragraph 28 of Schedule B1 to the 1989 Order].
(b)consent under subsection (2) must accompany the notice of appointment filed under paragraph 29 of [F73Schedule B1 to the 1986 Act or paragraph 30 of Schedule B1 to the 1989 Order].]
F69S. 362A inserted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 58 (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2))
F70Words in s. 362A(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 9(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F71S. 362A(2)-(2B) substituted for s. 362A(2) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 9(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F72Words in s. 362A(3)(b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 61(3); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F73Words in s. 362A(4) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 61(4); S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
C18Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C19S. 362A applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 9 (with art. 10)
ReceivershipU.K.
363 [F74Powers of FCA and PRA] to participate in proceedings.U.K.
(a)is, or has been, an authorised person [F75or recognised investment exchange];
(2)The [F76appropriate regulator] is entitled to be heard on an application made under section 35 or 63 of the 1986 Act (or Article 45 of the 1989 Order).
(3)The [F76appropriate regulator] is entitled to make an application under section 41(1)(a) or 69(1)(a) of the 1986 Act (or Article 51(1)(a) of the 1989 Order).
(4)A report under section 48(1) or 67(1) of the 1986 Act (or Article 58(1) of the 1989 Order) must be sent by the person making it to the [F76appropriate regulator].
(5)A person appointed for the purpose by the [F76appropriate regulator] is entitled—
[F77(6)"The appropriate regulator” means—
F74Words in s. 363 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 10(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F75Words in s. 363(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 10(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F76Words in s. 363(2)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 10(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F77S. 363(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 10(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C20S. 363 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C21Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
364 Receiver’s duty to report to [F78FCA and PRA] U.K.
(b)it appears to the receiver that the company is carrying on, or has carried on, a regulated activity in contravention of the general prohibition [F79or a credit-related regulated activity in contravention of section 20],
the receiver must report the matter [F80without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA].
F78Words in s. 364 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 11(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F79Words in s. 364(b) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 11(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F80Words in s. 364 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 11(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C22S. 364 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C23Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
365 [F81Powers of FCA and PRA] to participate in proceedings.U.K.
(b)is an authorised person [F82or recognised investment exchange]; and
(2)The [F83appropriate 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 [F83appropriate 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 [F83appropriate regulator].
(5)A person appointed for the purpose by the [F83appropriate regulator] is entitled—
(6)The voluntary winding up of the company does not bar the right of the [F83appropriate 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 [F83appropriate regulator] may apply to the court under [F84section 896 or 899 of the Companies Act 2006].
[F85(8)"The appropriate regulator” means—
F81Words 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.
F82Words 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.
F83Words 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.
F84Words 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)
F85S. 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.
C24S. 365 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C25Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
(1)An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the [F86PRA].
(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 [F87PRA] as soon as practicable after he becomes aware of it.
[F88(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 [F89section 30 of the Companies Act 2006] must be accompanied by a certificate issued by the [F90PRA] stating that it consents to the voluntary winding up of the insurer.
[F91(9)Before giving or refusing consent under subsection (1), the PRA must consult the FCA.
F86Word 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.
F87Word 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.
F88S. 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)
F89Words 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)
F90Word 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.
F91S. 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.
367 Winding-up petitions.U.K.
(1)The [F92FCA] may present a petition to the court for the winding up of a body which—
(a)is, or has been, an authorised person [F93or recognised investment exchange];
[F94(1A)The PRA may present a petition to the court for the winding up of a body which is a PRA-regulated person.]
(2)In [F95subsections (1) and (1A)] “body” includes any partnership.
[F96(za)in the case of an insurance undertaking or reinsurance undertaking, the PRA has cancelled the body’s Part 4A permission pursuant to section 55J(7C);]
(6)Subsection (7) applies if a petition is presented under subsection (1) [F97or (1A)] for the winding up of a partnership—
F92Word in s. 367(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 14(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F93Words in s. 367(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 14(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F94S. 367(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 14(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F95Words in s. 367(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 14(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F96S. 367(3)(za) inserted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 13
F97Words in s. 367(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 14(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C26S. 367 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
S. 367 amended (1.12.2001) by S.I. 2001/2657, arts. 1(1), 12 (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)
S. 367 amended (1.12.2001) by S.I. 2001/3083, arts. 1(2), 12; S.I. 2001/3538, art. 2(1)
C27S. 367 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C28S. 367 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 6 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para 155(6)(f) (with Sch. 2 para. 156))
C29S. 367 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 7 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(g))
C30S. 367(3)(a) modified (1.12.2001) by S.I. 2001/3650, arts. 1(a), 15
C31S. 367(5) modified (1.12.2001) by S.I. 2001/3650, arts. 1(a), 14
368 Winding-up petitions: EEA and Treaty firms.U.K.
[F98(1)][F99A regulator] may not present a petition to the court under section 367 for the winding up of—
unless it [F100or the other regulator] has been asked to do so by the home state regulator of the firm concerned.
[F101(2)If a regulator receives from the home state regulator of a body falling within subsection (1)(a) or (b) a request to present a petition to the court under section 367 for the winding up of the body, it must—
(b)provide the other regulator with such information relating to the request as it thinks fit.]
F98S. 368 renumbered as s. 368(1) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 15(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F99Words in s. 368(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 15(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F100Words in s. 368(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 15(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F101S. 368(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 15(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C32S. 368 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 6 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 155(6)(f) (with Sch. 2 para. 156))
C33S. 368 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 7 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(g))
369 Insurers: service of petition etc. on [F102FCA and PRA].U.K.
(1)If a person other than [F103a regulator] presents a petition for the winding up of an authorised person with permission to effect or carry out contracts of insurance, the petitioner must serve a copy of the petition [F104on the appropriate regulator].
(2)If a person other than [F105a 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 person with permission to effect or carry out contracts of insurance, the applicant must serve a copy of the application [F106on the appropriate regulator].
[F107(3)"The appropriate regulator” means—
F102Words in s. 369 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 16(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F103Words in s. 369(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 16(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F104Words in s. 369(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 16(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F105Words in s. 369(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 16(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F106Words in s. 369(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 16(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F107S. 369(3)(4) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 16(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
[F108369AReclaim funds: service of petition etc on [F109FCA and PRA] U.K.
(1)If a person [F110other than a regulator] presents a petition for the winding up of an authorised reclaim fund, the petitioner must serve a copy of the petition [F111on the appropriate regulator].
(2)If a person [F112other 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 [F113on the appropriate regulator].
(3)In this section “authorised reclaim fund” means a reclaim fund within the meaning given by section 5(1) of the Dormant Bank and Building Society Accounts Act 2008 that is authorised for the purposes of this Act.
[F114(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.]]
F108S. 369A inserted (12.3.2009) by Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1), Sch. 2 para. 7; S.I. 2009/490, art. 2 (with art. 3)
F109Words in s. 369A heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F110Words in s. 369A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F111Words in s. 369A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F112Words in s. 369A(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F113Words in s. 369A(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F114S. 369A(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 17(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
[F115370Liquidator's duty to report to FCA and PRAU.K.
(b)the regulator's petition depended on a contravention by the body of the general prohibition.]
F115S. 370 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 18 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C34S. 370 modified (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 17(14) (with reg. 24)
371 [F116Powers of FCA and PRA] to participate in proceedings.U.K.
(1)This section applies if a person F117... presents a petition for the winding up of a body which—
(a)is, or has been, an authorised person [F118or recognised investment exchange];
(2)The [F119appropriate regulator] is entitled to be heard—
(3)Any notice or other document required to be sent to a creditor of the body must also be sent to the [F119appropriate regulator].
(4)A person appointed for the purpose by the [F119appropriate regulator] is entitled—
(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 [F119appropriate regulator] may apply to the court under [F120section 896 or 899 of the Companies Act 2006].
[F121(6)"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
(i)where the body is a PRA-regulated person, the FCA or the PRA, and
(7)But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.]
F116Words in s. 371 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F117Words in s. 371(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F118Words in s. 371(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F119Words in s. 371(2)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F120Words in s. 371(5) 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)
F121S. 371(6)(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C35S. 371 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C36S. 371 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
(1)The [F122FCA] may present a petition to the court—
(b)under section [F1232 or 5 of the 2016] Act for the sequestration of the estate of an individual.
[F124(1A)The PRA may present a petition to the court—
(b)under section [F1252 or 5 of the 2016] Act for the sequestration of the estate of an individual who is a PRA-regulated person.]
(2)But [F126a petition may be presented by virtue of subsection (1) or (1A)] only on the ground that—
(a)[F127a regulator] has served on him a demand requiring him to establish to the satisfaction of [F128that regulator] that there is a reasonable prospect that he will be able to pay a sum payable under an agreement when it falls due;
(6)For the purposes of a petition presented in accordance with subsection (1)(b) [F129or (1A)(b)]—
(a)[F130the regulator by which the petition is presented] is to be treated as a qualified creditor; and
F122Word in s. 372(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F123Words in s. 372(1)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(6)
F124S. 372(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F125Words in s. 372(1A)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(6)
F126Words in s. 372(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F127Words in s. 372(4)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(5)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F128Words in s. 372(4)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(5)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F129Words in s. 372(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(6)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F130Words in s. 372(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(6)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
373 Insolvency practitioner’s duty to report [F131to FCA and PRA].U.K.
(a)a bankruptcy order or sequestration award is in force in relation to an individual F132..., and
(b)it appears to the insolvency practitioner that the individual is carrying on, or has [F133carried on—
the insolvency practitioner must report the matter [F134without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA].
[F135(1A)Subsection (1) does not apply where—
(3)“Sequestration award” means an award of sequestration under section [F13622 of the 2016] Act.
F131Words in s. 373 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F132Words in s. 373(1)(a) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F133Words in s. 373(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F134Words in s. 373(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F135S. 373(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F136Words in s. 373(3) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(7)
374 [F137Powers of FCA or PRA] to participate in proceedings.U.K.
(1)This section applies if a person F138... presents a petition to the court—
(b)under section [F1392 or 5 of the 2016] Act for the sequestration of the estate of an individual; or
(c)under section 6 of the [F1402016] 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 [F141appropriate regulator] is entitled to be heard—
(iii)the [F1422016] Act.
(3)[F143In the case of a petition presented under Article 238 of the 1989 Order, a copy of the report prepared under Article 248 of that Order] must also be sent to the [F141appropriate regulator].
(4)A person appointed for the purpose by the [F141appropriate regulator] is entitled—
(c)to attend any meeting of commissioners held under paragraph [F14426 or 27 of schedule 6 to the 2016] Act; and
[F145(7)"The appropriate regulator” means—
(8)But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.]
F137Words in s. 374 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F138Words in s. 374(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F139Words in s. 374(1)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(8)(a)(i)
F140Word in s. 374(1)(c) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(8)(a)(ii)
F141Words in s. 374(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F142Word in s. 374(2)(b)(iii) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(8)(b)
F143Words in s. 374(3) substituted (6.4.2016) by The Enterprise and Regulatory Reform Act 2013 (Consequential Amendments) (Bankruptcy) and the Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) Regulations 2016 (S.I. 2016/481), reg. 1, Sch. 1 para. 13
F144Words in s. 374(4)(c) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(8)(c)
F145S. 374(7)(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Provisions against debt avoidanceU.K.
375 [F146Right of FCA and PRA] to apply for an order.U.K.
(1)The [F147FCA] may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if—
[F148(1A)The PRA may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if—
(b)a victim of the transaction is or was party to an agreement entered into with the debtor, the making or performance of which constituted or was part of a PRA-regulated activity carried on by the debtor.]
(2)An application made under this section is to be treated as made on behalf of every victim of the transaction to whom subsection (1)(b) [F149or subsection (1A)(b) (as the case may be)] applies.
F146Words in s. 375 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 23(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F147Word in s. 375(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 23(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F148S. 375(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 23(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F149Words in s. 375(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 23(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C37S. 375 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 5(1)(7)
C38S. 375 applied (with modifications) (8.2.2011 with application in accordance with reg. 27(a) of the applying S.I.) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), regs. 1, 27(a), Sch. 6 para. 3(5) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 198(s)(ii) (with Sch. 2 para. 213))
(c)the [F150PRA].
[F151(11A)The PRA must—
(11B)In the event that the activity of effecting or carrying out long-term contracts of insurance as principal is not to any extent a [F152PRA-regulated] activity—
(12)The liquidator may make an application in the name of the insurer and on its behalf under Part VII without obtaining the permission that would otherwise be required by [F153Article 142 of, and Schedule 2 to, the 1989 Order.]
F150Word in s. 376(11)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 24(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F151S. 376(11A)(11B) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 24(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F152Words in s. 376(11B) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F153Words in s. 376(12) substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 4
C39S. 377 excluded (20.4.2003) by The Insurers (Reorganisation and Winding Up) Regulations 2003 (S.I. 2003/1102), reg. 4(6) (with reg. 3)
C40S. 377 excluded (18.2.2004) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), reg. 4(7) (with reg. 3)
[F154Settlement finalityU.K.
F154S. 379A and cross-heading inserted (27.4.2017) by Digital Economy Act 2017 (c. 30), ss. 112, 118(1)
379APower to apply settlement finality regime to payment institutionsU.K.