362 Authority’s powers to participate in proceedings.U.K.
(1)This section applies if a person other than the Authority [F1makes an administration application under Schedule B1 to the 1986 Act (or presents a petition under Article 22 of the 1989 Order)] in relation to a company or partnership 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.
[F2(1A)This section also applies in relation to—
(a)the appointment under paragraph 14 or 22 of Schedule B1 to the 1986 Act of an administrator of a company of a kind described in subsection (1)(a) to (c), or
(b)the filing with the court of a copy of notice of intention to appoint an administrator under either of those paragraphs.]
(2)The Authority is entitled to be heard—
(a)at the hearing of the [F3administration application or the petition]; and
(b)at any other hearing of the court in relation to the company or partnership under Part II of the 1986 Act (or Part III of the 1989 Order).
(3)Any notice or other document required to be sent to a creditor of the company or partnership must also be sent to the Authority.
[F4(4)The Authority may apply to the court under paragraph 74 of Schedule B1 to the 1986 Act (or Article 39 of the 1989 Order).
(4A)In respect of an application under subsection (4)—
(a)paragraph 74(1)(a) and (b) shall have effect as if for the words “harm the interests of the applicant (whether alone or in common with some or all other members or creditors)” there were substituted the words “harm the interests of some or all members or creditors”, and
(b)Article 39 of the 1989 Order shall have effect with the omission of the words “(including at least himself”).]
(5)A person appointed for the purpose by the Authority is entitled—
(a)to attend any meeting of creditors of the company or partnership summoned under any enactment;
(b)to attend any meeting of a committee established under [F5paragraph 57 of Schedule B1 to the 1986 Act](or Article 38 of the 1989 Order); and
(c)to make representations as to any matter for decision at such a meeting.
(6)If, during the course of the administration 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).
Textual Amendments
F1Words in s. 362(1) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(a) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F2S. 362(1A) inserted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(b) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F3Words in s. 362(2)(a) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(c) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F4S. 362(4)(4A) substituted (15.9.2003) for s. 362(4) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(d) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F5Words in s. 362(5)(b) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 57(e) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
Modifications etc. (not altering text)
C1S. 362 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C2Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
Marginal Citations