# The Credit Unions (Northern Ireland) Order 1985, Article 63: Petition for winding-up

Extent: N.I.

The 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 the FCA that—
(a) 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
(b) there has been, in relation to that credit union, a failure to comply with any provision of, or any direction given under, this Order (or the 1969 c. 24 (N.I.)Co-operative and Community Benefit Societies Act (Northern Ireland) 1969) ; or
(c) 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.

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Source: https://www.legislation.gov.uk/nisi/1985/1205/article/63 (the official version)
Page: https://openlegislation.uk/credit-unions-northern-ireland-order-1985/article-63
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.