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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 2016 - onwards
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372. Petitions

(1) The FCA may present a petition to the court -

(a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual; or

(b) under section 2 or 5 of the 2016 Act for the sequestration of the estate of an individual.

(1A) The PRA may present a petition to the court -

(a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;

(b) under section 2 or 5 of the 2016 Act for the sequestration of the estate of an individual who is a PRA-regulated person.

(2) But a petition may be presented by virtue of subsection (1) or (1A) only on the ground that -

(a) the individual appears to be unable to pay a regulated activity debt; or

(b) the individual appears to have no reasonable prospect of being able to pay a regulated activity debt.

(3) An individual appears to be unable to pay a regulated activity debt if he is in default on an obligat

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