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Status: You are viewing the version of the handbook as on 2005-06-30.

ENF 10.3 Introduction

ENF 10.3.1G

This chapter outlines the FSA's:

  1. (1)

    powers to seek administration, compulsory winding up and bankruptcy orders and, in Scotland, sequestration awards, from the court ENF 10.5), and its policies in relation to the use of those powers ENF 10.6);

  2. (2)

    powers to apply to court to challenge acts and omissions in company moratoria and to challenge an approved voluntary arrangement in respect of a corporate or individual authorised person, and in Scotland, a trustdeed for creditors granted by an authorised person ENF 10.7), and its policy in relation to the use of those powers ENF 10.8);

  3. (3)

    power to apply to court for orders against debt avoidance ENF 10.9), and its policy in relation to the use of that power ENF 10.10);

  4. (4)

    rights in certain cases:

    1. (a)

      to be informed of third party petitions for administration, compulsory winding up and bankruptcy orders and, in Scotland, sequestration awards;

    2. (b)

      to receive information and (where relevant) to attend and be heard at meetings of creditors and creditors' committees in the following regimes:

      1. (i)

        voluntary and compulsory winding up;

      2. (ii)

        administrations;

      3. (iii)

        receiverships and administrative receiverships;

      4. (iv)

        bankruptcies and sequestrations;

      5. (v)

        company moratoria and voluntary arrangements ;

      6. (vi)

        individual voluntary arrangements;

      7. (vii)

        trustdeeds for creditors in Scotland;

      in respect of firms or former firms or others who are or have been carrying on a regulated activity while unauthorisedENF 10.11);

  5. (5)

    arrangements for notification of petitions and other documents to which it is entitled ENF 10.12);

  6. (6)

    policy in relation to the exercise of its rights to be heard and be involved in insolvency regimes affecting persons whether authorised or not ENF 10.13).

ENF 10.3.2G

The provisions of the Act relating to the FSA's powers and rights in insolvency proceedings refer to the underlying insolvency legislation, namely the Insolvency Act 1986 ('the 1986 Act'), as amended by the Insolvency Act 2000, the Bankruptcy (Scotland) Act 1985 ('the 1985 Act') and the Insolvency (Northern Ireland) Order 1989 ('the 1989 Order'). ENF 10.5, ENF 10.7, ENF 10.9 and ENF 10.11 outline the statutory background to the FSA's powers and rights in insolvency proceedings and summarise the relevant provisions of that underlying insolvency legislation.