C5C7C8Part XXIV Insolvency

Annotations:
Modifications etc. (not altering text)
C5

Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)

C7

Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))

C8

Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))

Administration orders

C1C2C4C6F1359 Administration order

C31

The F9FCA may make an administration application under Schedule B1 to the 1986 Act F2or Schedule B1 to the 1989 Order in relation to a company or insolvent partnership which—

a

is or has been an authorised person F11or recognised investment exchange,

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.

F81A

The PRA may make an administration application under Schedule B1 to the 1986 Act or Schedule B1 to the 1989 Order in relation to a company or insolvent partnership which is a PRA-regulated person.

C32

Subsection (3) applies in relation to an administration application made (or a petition presented) by F12a regulator by virtue of this section.

C33

Any of the following shall be treated for the purpose of paragraph 11(a) of Schedule B1 to the 1986 Act F3or paragraph 12(a) of Schedule B1 to the 1989 Order as unable to pay its debts—

a

a company or partnership in default on an obligation to pay a sum due and payable under an agreement, F4. . .

b

an authorised deposit taker in default on an obligation to pay a sum due and payable in respect of a relevant deposit.F5, and—

c

an authorised reclaim fund in default on an obligation to pay a sum payable as a result of a claim made by virtue of section 1(2)(b) or 2(2)(b) of the Dormant Bank and Building Society Accounts Act 2008.

C34

In this section—

  • “agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the company or partnership,

  • “authorised deposit taker” means a person with a F10Part 4A permission to accept deposits (but not a person who has a F10Part 4A permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission),

  • F6“authorised reclaim fund” F13has the same meaning as in the Dormant Assets Acts 2008 to 2022 (see section 26 of the Dormant Assets Act 2022);

  • “company” means a company—

    1. a

      in respect of which an administrator may be appointed under Schedule B1 to the 1986 Act, or

    2. b

      F7in respect of which an administrator may be appointed under Schedule B1 to the 1989 Order,

  • “relevant deposit” shall, ignoring any restriction on the meaning of deposit arising from the identity of the person making the deposit, be construed in accordance with—

    1. a

      section 22,

    2. b

      any relevant order under that section, and

    3. c

      Schedule 2.

5

The definition of “authorised deposit taker” in subsection (4) shall be construed in accordance with—

a

section 22,

b

any relevant order under that section, and

c

Schedule 2.