C3C4C5Part XXIV Insolvency
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))
Voluntary winding up
C1C2365F2Powers of FCA and PRA to participate in proceedings.
1
This section applies in relation to a company which—
a
is being wound up voluntarily;
b
is an authorised person F3or recognised investment exchange; and
c
is not an insurer effecting or carrying out contracts of long-term insurance.
2
The F4appropriate 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 F4appropriate 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 F4appropriate regulator.
5
A person appointed for the purpose by the F4appropriate regulator is entitled—
a
to attend any meeting of creditors of the company summoned under any enactment;
b
to attend any meeting of a committee established under section 101 of the 1986 Act (or Article 87 of the 1989 Order); and
c
to make representations as to any matter for decision at such a meeting.
F55A
The appropriate regulator or a person appointed by the appropriate regulator is entitled to participate in (but not vote in) a qualifying decision procedure by which a decision about any matter is sought from the creditors of the company.
6
The voluntary winding up of the company does not bar the right of the F4appropriate 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 F8in relation to which Part 26 of the Companies Act 2006 applies is proposed between the company and its creditors, or any class of them, the F4appropriate regulator may apply to the court under F1section 896 or 899 of F9that Act.
F77A
If, during the course of the winding up of the company, a compromise or arrangement in relation to which Part 26A of the Companies Act 2006 applies is proposed between the company and its creditors, or any class of them, the appropriate regulator may apply to the court under section 901C or 901F of that Act.
F68
“The appropriate regulator” means—
a
where the company is a PRA-authorised person, each of the FCA and the PRA, except that the references in subsections (5) and (5A) to a person appointed by the appropriate regulator are to be read as references to a person appointed by either the FCA or the PRA;
b
in any other case, the FCA.
Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)