- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/07/2011)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2013
Point in time view as at 01/07/2011.
Financial Services and Markets Act 2000, Cross Heading: Bankruptcy is up to date with all changes known to be in force on or before 05 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)The Authority may present 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; or
(b)under section 5 of the 1985 Act for the sequestration of the estate of an individual.
(2)But such a petition may be presented only on the ground that—
(a)the individual appears to be unable to pay a regulated activity debt; or
(b)the individual appears to have no reasonable prospect of being able to pay a regulated activity debt.
(3)An individual appears to be unable to pay a regulated activity debt if he is in default on an obligation to pay a sum due and payable under an agreement.
(4)An individual appears to have no reasonable prospect of being able to pay a regulated activity debt if—
(a)the Authority has served on him a demand requiring him to establish to the satisfaction of the Authority that there is a reasonable prospect that he will be able to pay a sum payable under an agreement when it falls due;
(b)at least three weeks have elapsed since the demand was served; and
(c)the demand has been neither complied with nor set aside in accordance with rules.
(5)A demand made under subsection (4)(a) is to be treated for the purposes of the 1986 Act (or the 1989 Order) as if it were a statutory demand under section 268 of that Act (or Article 242 of that Order).
(6)For the purposes of a petition presented in accordance with subsection (1)(b)—
(a)the Authority is to be treated as a qualified creditor; and
(b)a ground mentioned in subsection (2) constitutes apparent insolvency.
(7)“Individual” means an individual—
(a)who is, or has been, an authorised person; or
(b)who is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
(8)“Agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the individual concerned.
(9)“Rules” means—
(a)in England and Wales, rules made under section 412 of the 1986 Act;
(b)in Scotland, rules made by order by the Treasury, after consultation with the Scottish Ministers, for the purposes of this section; and
(c)in Northern Ireland, rules made under Article 359 of the 1989 Order.
Commencement Information
I1S. 372 wholly in force at 1.12.2001; s. 372 not in force at Royal Assent see s. 431(2); s. 372 in force for certain purposes at 20.7.2001 by S.I. 2001/2632, art. 2(1), Sch. Pt. 1; s. 372 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)If—
(a)a bankruptcy order or sequestration award is in force in relation to an individual by virtue of a petition presented by a person other than the Authority, and
(b)it appears to the insolvency practitioner that the individual is carrying on, or has carried on, a regulated activity in contravention of the general prohibition,
the insolvency practitioner must report the matter to the Authority without delay.
(2)“Bankruptcy order” means a bankruptcy order under Part IX of the 1986 Act (or Part IX of the 1989 Order).
(3)“Sequestration award” means an award of sequestration under section 12 of the 1985 Act.
(4)“Individual” includes an entity mentioned in section 374(1)(c).
(1)This section applies if a person other than the Authority 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 Authority 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 Authority.
(4)A person appointed for the purpose by the Authority 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.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys