Modifications etc. (not altering text)
C1Pt. 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)
(1)This section applies in relation to a company which—
(a)is being wound up voluntarily;
(b)is an authorised person [F2or recognised investment exchange]; and
(c)is not an insurer effecting or carrying out contracts of long-term insurance.
(2)The [F3appropriate regulator] may apply to the court under section 112 of the 1986 Act (or Article 98 of the 1989 Order) in respect of the company.
(3)The [F3appropriate regulator] is entitled to be heard at any hearing of the court in relation to the voluntary winding up of the company.
(4)Any notice or other document required to be sent to a creditor of the company must also be sent to the [F3appropriate regulator].
(5)A person appointed for the purpose by the [F3appropriate regulator] is entitled—
(a)to attend any meeting of creditors of the company summoned under any enactment;
(b)to attend any meeting of a committee established under section 101 of the 1986 Act (or Article 87 of the 1989 Order); and
(c)to make representations as to any matter for decision at such a meeting.
[F4(5A)The appropriate regulator or a person appointed by the appropriate regulator is entitled to participate in (but not vote in) a qualifying decision procedure by which a decision about any matter is sought from the creditors of the company.]
(6)The voluntary winding up of the company does not bar the right of the [F3appropriate regulator] to have it wound up by the court.
(7)If, during the course of the winding up of the company, a compromise or arrangement is proposed between the company and its creditors, or any class of them, the [F3appropriate regulator] may apply to the court under [F5section 896 or 899 of the Companies Act 2006].
[F6(8)“The appropriate regulator” means—
(a)where the company is a PRA-authorised person, each of the FCA and the PRA, except that the references in subsections (5) and (5A) to a person appointed by the appropriate regulator are to be read as references to a person appointed by either the FCA or the PRA;
(b)in any other case, the FCA.]
Textual Amendments
F1Words in s. 365 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 365(1)(b) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 365(2)-(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 12(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 365(5A) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(5)(a) (with reg. 17)
F5Words in s. 365(7) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1), Sch. 1 para. 211(4) (with arts. 6, 11, 12)
F6S. 365(8) substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(5)(b) (with reg. 17)
Modifications etc. (not altering text)
C2S. 365 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C3Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6