Part XXIV Insolvency

Voluntary arrangements

356F1Powers of FCA and PRA to participate in proceedings: company voluntary arrangements.

F2(1)

Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, F3or recognised investment exchange, the appropriate regulator may apply to the court under section 6 or 7 of that Act.

F4(2)

Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, F5or recognised investment exchange, the appropriate regulator may apply to the court under Article 19 or 20 of that Order.

(3)

If a person other than F6a regulator makes an application to the court in relation to the company or insolvent partnership under F7any of those provisions, F8the appropriate regulator is entitled to be heard at any hearing relating to the application.

F9(4)

"The appropriate regulator” means—

(a)

in the case of a PRA-authorised person—

(i)

for the purposes of subsections (1) and (2), the FCA or the PRA, and

(ii)

for the purposes of subsection (3), each of the FCA and the PRA;

(b)

in any other case, the FCA.

(5)

If either regulator makes an application to the court under any of those provisions in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.