C1C2C3Part XXIV Insolvency
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))
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))
Bankruptcy
373 Insolvency practitioner’s duty to report F1to FCA and PRA.
1
If—
a
a bankruptcy order or sequestration award is in force in relation to an individual F3..., and
b
it appears to the insolvency practitioner that the individual is carrying on, or has F5carried on—
i
a regulated activity in contravention of the general prohibition, or
ii
a credit-related regulated activity in contravention of section 20,
the insolvency practitioner must report the matter F4without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA.
F21A
Subsection (1) does not apply where—
a
the bankruptcy order or sequestration award is in force by virtue of a petition presented by a regulator, and
b
the regulator's petition depended on a contravention by the individual of the general prohibition.
2
“Bankruptcy order” means a bankruptcy order under Part IX of the 1986 Act (or Part IX of the 1989 Order).
3
“Sequestration award” means an award of sequestration under section F622 of the 2016 Act.
4
“Individual” includes an entity mentioned in section 374(1)(c).
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)