F1PART 26AArrangements and reconstructions: companies in financial difficulty
Application of this Part
901BPower to exclude companies providing financial services, etc
(1)
The Secretary of State may by regulations provide that this Part does not apply—
(a)
where the company in respect of which a compromise or arrangement is proposed is an authorised person, or an authorised person of a specified description;
(b)
where—
(i)
a compromise or arrangement is proposed between a company, or a company of a specified description, and any creditors of the company, and
(ii)
those creditors consist of or include creditors of a specified description.
(2)
In this section—
“authorised person” has the same meaning as in the Financial Services and Markets Act 2000 (see section 31 of that Act);
“specified” means specified in the regulations.
(3)
Regulations under this section are subject to affirmative resolution procedure.