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Financial Services and Markets Act 2000

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Changes over time for: Cross Heading: Provisions against debt avoidance

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No versions valid at: 20/07/2001

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Point in time view as at 20/07/2001. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

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Financial Services and Markets Act 2000, Cross Heading: Provisions against debt avoidance is up to date with all changes known to be in force on or before 06 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

Valid from 01/12/2001

Provisions against debt avoidanceU.K.

375 Authority’s right to apply for an order.U.K.

(1)The Authority 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—

(a)at the time the transaction at an undervalue was entered into, the debtor was carrying on a regulated activity (whether or not in contravention of the general prohibition); and

(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 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) applies.

(3)Expressions which are given a meaning in Part XVI of the 1986 Act (or Article 367, 368 or 369 of the 1989 Order) have the same meaning when used in this section.

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