(1) The FCA may present a petition to the court for the winding up of a body which -
(a) is, or has been, an authorised person or recognised investment exchange;
(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.
(1A) The PRA may present a petition to the court for the winding up of a body which is a PRA-regulated person.
(2) In subsections (1) and (1A) "body" includes any partnership.
(3) On such a petition, the court may wind up the body if -
(za) in the case of an insurance undertaking or reinsurance undertaking, the PRA has cancelled the body’s Part 4A permission pursuant to section 55J(7C);
(a) the body is unable to pay its debts within the meaning of section 123 or 221 of the 1986 Act (or Article 103 or 185 of the 1989 Order); or
(b) the court is of the opinion that it is just and equitable that it should be wound up.
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