Financial Services and Markets Bill - continued        House of Lords

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  PART XXIV
  INSOLVENCY
 
Interpretation
Interpretation of this Part.     343. In this Part-
 
 
    "the 1985 Act" means the Bankruptcy (Scotland) Act 1985;
 
    "the 1986 Act" means the Insolvency Act 1986;
 
    "the 1989 Order" means the Insolvency (Northern Ireland) Order 1989;
 
    "body" means a body of persons-
 
      (a) over which the court has jurisdiction under any provision of, or made under, the 1986 Act (or the 1989 Order); but
 
      (b) which is not a building society, a friendly society or an industrial and provident society; and
 
    "court" means-
 
      (a) the court having jurisdiction for the purposes of the 1985 Act or the 1986 Act; or
 
      (b) in Northern Ireland, the High Court.
 
Voluntary arrangements
Authority's powers to participate in proceedings: company voluntary arrangements.     344. - (1) This section applies if a voluntary arrangement has been approved under Part I of the 1986 Act (or Part II of the 1989 Order) in respect of a company or insolvent partnership which is an authorised person.
 
      (2) The Authority may make an application to the court in relation to the company or insolvent partnership under section 6 of the 1986 Act (or Article 19 of the 1989 Order).
 
      (3) If a person other than the Authority makes an application to the court in relation to the company or insolvent partnership under either of those provisions, the Authority is entitled to be heard at any hearing relating to the application.
 
Authority's powers to participate in proceedings: individual voluntary arrangements.     345. - (1) The Authority is entitled to be heard on an application by an individual who is an authorised person under section 253 of the 1986 Act (or Article 227 of the 1989 Order).
 
      (2) Subsections (3) to (6) apply if such an order is made on the application of such a person.
 
      (3) A person appointed for the purpose by the Authority is entitled to attend any meeting of creditors of the debtor summoned under section 257 of the 1986 Act (or Article 231 of the 1989 Order).
 
      (4) Notice of the result of a meeting so summoned is to be given to the Authority by the chairman of the meeting.
 
      (5) The Authority may apply to the court-
 
 
    (a) under section 262 of the 1986 Act (or Article 236 of the 1989 Order); or
 
    (b) under section 263 of the 1986 Act (or Article 237 of the 1989 Order).
      (6) If a person other than the Authority makes an application to the court under any provision mentioned in subsection (5), the Authority is entitled to be heard at any hearing relating to the application.
 
 
Administration orders
Petitions.     346. - (1) The Authority may present a petition to the court under section 9 of the 1986 Act (or Article 22 of the 1989 Order) in relation to a company or insolvent 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.
      (2) Subsection (3) applies in relation to a petition presented by the Authority by virtue of this section.
 
      (3) If the company or partnership is in default on an obligation to pay a sum due and payable under an agreement, it is to be treated for the purpose of section 8(1)(a) of the 1986 Act (or Article 21(1)(a) of the 1989 Order) as unable to pay its debts.
 
      (4) "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.
 
      (5) "Company" means-
 
 
    (a) a company to which section 8 of the 1986 Act applies; or
 
    (b) in relation to Northern Ireland, a company to which Article 21 of the 1989 Order applies.
Insurance companies.     347. - (1) The Treasury may by order provide that such provisions of Part II of the 1986 Act (or Part III of the 1989 Order) as may be specified are to apply in relation to insurance companies with such modifications as may be specified.
 
      (2) An order under this section-
 
 
    (a) may provide that such provisions of this Part as may be specified are to apply in relation to the administration of insurance companies in accordance with the order with such modifications as may be specified; and
 
    (b) requires the consent of the Secretary of State.
      (3) "Specified" means specified in the order.
 
Administrator's duty to report to Authority.     348. - (1) If-
 
 
    (a) an administration order is in force in relation to a company or partnership by virtue of a petition presented by a person other than the Authority, and
 
    (b) it appears to the administrator that the company or partnership is carrying on, or has carried on, a regulated activity in contravention of the general prohibition,
  the administrator must report the matter to the Authority without delay.
 
      (2) "An administration order" means an administration order under Part II of the 1986 Act (or Part III of the 1989 Order).
 
 
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