Article 63 Petition for winding-up
Northern Ireland
F1The FCA may present a petition to the court for the winding up of a credit union, having first consulted the PRA (if the society is a PRA-authorised person), if it appears to F2the FCA that—
the credit union is unable to pay sums due and payable to its members, or is able to pay such sums only by obtaining further subscriptions for shares or by defaulting in its obligations to creditors; or
there has been, in relation to that credit union, a failure to comply with any provision of, or any direction given under, this Order F3(or the 1969 c. 24 (N.I.)Co-operative and Community Benefit Societies Act (Northern Ireland) 1969) ; or
there is no longer a common bond between the members of the credit union;
or in any other case where it appears to the FCA that the winding-up of the credit union is in the public interest or is just and equitable having regard to the interests of all the members of the credit union.
Annotations
Textual amendments
- F1
Words in art. 63 substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 17(a) (with art. 3)
- F2
Words in art. 63 substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 17(b) (with art. 3)
- F3
Words in art. 63(b) substituted (6.4.2018) by Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), s. 17(2), Sch. 1 para. 23; S.R. 2017/217, art. 2(d)