Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 March 2018 - onwards
  Version 4 of 4    

357. Powers of FCA and PRA to participate in proceedings: individual voluntary arrangements

(1) The appropriate regulator 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 (2A) to (6) apply if such an order is made on the application of such a person.

(2A) Where under section 257 of the 1986 Act the individual's creditors are asked to decide whether to approve the proposed voluntary arrangement -

(a) notice of the creditors' decision procedure must be given to the appropriate regulator; and

(b) the appropriate regulator or a person appointed by the appropriate regulator is entitled to participate in (but not vote in) the creditors' decision procedure by which the decision is made [Part 15 of the Insolvency (England and Wales) Rules 2016 (S.I. 2016/1024) contains common rules about decision making for company and personal insolvency proceedings.].

(2B) Notice of the decision made by the creditors' decision procedure is to be given to the appropriate regula

Comparing proposed amendment...