Paragraph 7

After paragraph 116 there is inserted—

“Miscellaneous - Powers of the Financial Services Authority

117.

(1)

In this paragraph “the Authority” means the Financial Services Authority.

(2)

The Authority is entitled to be heard at the hearing of an administration application or at any other court hearing in relation to the company pursuant to any provision of Schedule B1.

(3)

Any notice or other document required to be sent to a creditor of the company must also be sent to the Authority.

(4)

The Authority may apply to the court under paragraph 74 and in such a case paragraphs 74(1)(a) and 74(1)(b) shall have effect as if for the words “harm the interests of the applicant (whether alone or in common with some or all other members or creditors)” there were substituted the words “harm the interests of some or all members or creditors”.

(5)

A person appointed for the purpose by the Authority is entitled—

(a)

to attend any meeting of creditors of the company summoned under this Act;

(b)

to attend any meeting of a committee established under paragraph 57; and

(c)

to make representations as to any matter for decision at such a meeting.””