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The Insolvency (Northern Ireland) Order 1989, Section 13H is up to date with all changes known to be in force on or before 08 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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13H.—(1) For the purposes of Articles 13B and 13BA as they apply in relation to a regulated company, Article 13BC(1) has effect as if the documents listed there included a reference to the written consent of the appropriate regulator to the appointment of the proposed monitor.
(2) The remaining provisions of this Article apply in relation to a moratorium for a regulated company.
(3) Any notice under Article 13BE(2), 13CH(2) to (4) or 13EE(8) must also be sent by the monitor to the appropriate regulator.
(4) The directors must give the appropriate regulator notice of any meeting of the company’s creditors that is to be held for the purposes of Article 13CC(2) or 13FB(4)(c).
(5) If the directors fail to comply with paragraph (4), any director who did not have a reasonable excuse for the failure commits an offence.
(6) The appropriate regulator, or a person appointed by the appropriate regulator, may in the way provided for by the rules, participate (but not vote) in any meeting of the company’s creditors that is held for the purposes of this Part.
(7) The appropriate regulator is entitled to be heard on any application to the High Court for permission under Article 13DM(1) or 13DN(1) (disposal of charged property, etc.).
(8) The High Court may make an order under Article 13EE(1) only if the appropriate regulator has given its written consent to the appointment of the proposed monitor.
(9) The persons who may apply to the High Court under Article 13EE(3), 13F(1) or 13FB(1) include the appropriate regulator.
(10) If a person other than a regulator applies to the High Court under Article 13EE(3), 13F(1) or 13FB(1) the appropriate regulator is entitled to be heard on the application.
(11) If either regulator makes an application to the High Court under Article 13EE(3), 13F(1) or 13FB(1) in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.
(12) This Article does not affect any right that the appropriate regulator has (apart from this Article) as a creditor of a regulated company.
(13) In this Article—
“the appropriate regulator” means—
where the regulated company is a PRA-regulated company, each of the Financial Conduct Authority and the Prudential Regulation Authority, and
where the regulated company is not a PRA-regulated company, the Financial Conduct Authority;
“PRA-authorised person” has the meaning given by section 2B(5) of the Financial Services and Markets Act 2000;
“PRA-regulated company” means a regulated company which—
is, or has been, a PRA-authorised person,
is, or has been, an appointed representative within the meaning given by section 39 of the Financial Services and Markets Act 2000, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or
is carrying on, or has carried on, a PRA-regulated activity (within the meaning of section 22A of that Act) in contravention of the general prohibition;
“regulated activity” has the meaning given by section 22 of the Financial Services and Markets Act 2000, taken with Schedule 2 to that Act and any order under that section;
“regulated company” means a company which—
is, or has been, an authorised person within the meaning given by section 31 of the Financial Services and Markets Act 2000,
is, or has been, an appointed representative within the meaning given by section 39 of that Act, or
is carrying on, or has carried on, a regulated activity in contravention of the general prohibition within the meaning given by section 19 of that Act;
“regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.
(14) Regulations may amend this Article for the purposes of changing the definition of “regulated company” in paragraph (13).
(15) Regulations may not be made under paragraph (14) unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.]
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