Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

EG 13.8 1Power to apply to court for a provisional liquidator

EG 13.8.1RP

1Where a petition has been presented for the winding up of a body, the court may appoint a provisional liquidator in the interim period pending the hearing of the petition. An appointment may be sought and made to:

  1. (1)

    permit the continuation of the business for the protection of consumers; or

  2. (2)

    secure, protect, or realise assets or property in the possession or under the control of the company or partnership (in particular where there is a risk that the assets will be dissipated) for the benefit of creditors or consumers.

EG 13.8.2RP

1In cases where it decides to petition for the compulsory winding up of a body under section 367 of the Act, the FCA will also consider whether it should seek the appointment of a provisional liquidator. The FCA will have regard, in particular, to the extent to which there may be a need to protect consumers' claims and consumers' funds or other assets. Where the FCA decides to petition for the compulsory winding up of a company or partnership on the just and equitable ground and where the company or partnership is solvent but may become insolvent, the FCA will also consider whether the appointment of a provisional liquidator would serve to maintain the solvency of the company or partnership.