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Financial Services and Markets Act 2000

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Changes over time for: Section 371

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Version Superseded: 06/04/2008

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Point in time view as at 20/06/2003. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services and Markets Act 2000, Section 371 is up to date with all changes known to be in force on or before 18 March 2025. 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. Help about Changes to Legislation

371 Authority’s powers to participate in proceedings.U.K.

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(1)This section applies if a person other than the Authority presents a petition for the winding up of a body which—

(a)is, or has been, an authorised person;

(b)is, or has been, an appointed representative; or

(c)is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.

(2)The Authority is entitled to be heard—

(a)at the hearing of the petition; and

(b)at any other hearing of the court in relation to the body under or by virtue of Part IV or V of the 1986 Act (or Part V or VI of the 1989 Order).

(3)Any notice or other document required to be sent to a creditor of the body 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 body;

(b)to attend any meeting of a committee established for the purposes of Part IV or V of the 1986 Act under section 101 of that Act or under section 141 or 142 of that Act;

(c)to attend any meeting of a committee established for the purposes of Part V or VI of the 1989 Order under Article 87 of that Order or under Article 120 of that Order; and

(d)to make representations as to any matter for decision at such a meeting.

(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 Authority may apply to the court under section 425 of the M1Companies Act 1985 (or Article 418 of the M2Companies (Northern Ireland) Order 1986).

Modifications etc. (not altering text)

C1S. 371 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6

C2S. 371 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6

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