{ "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-372", "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-372.json", "legislation": "ukpga/2000/8", "legislation_title": "Financial Services and Markets Act 2000", "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000", "path": "section/372", "kind": "section", "number": "372", "heading": "Petitions.", "text": "(1) The FCA may present a petition to the court—\n(a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual; or\n(b) under section 2 or 5 of the 2016 Act for the sequestration of the estate of an individual.\n(1A) The PRA may present a petition to the court—\n(a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;\n(b) under section 2 or 5 of the 2016 Act for the sequestration of the estate of an individual who is a PRA-regulated person.\n(2) But a petition may be presented by virtue of subsection (1) or (1A) only on the ground that—\n(a) the individual appears to be unable to pay a regulated activity debt; or\n(b) the individual appears to have no reasonable prospect of being able to pay a regulated activity debt.\n(3) An individual appears to be unable to pay a regulated activity debt if he is in default on an obligation to pay a sum due and payable under an agreement.\n(4) An individual appears to have no reasonable prospect of being able to pay a regulated activity debt if—\n(a) a regulator has served on him a demand requiring him to establish to the satisfaction of that regulator that there is a reasonable prospect that he will be able to pay a sum payable under an agreement when it falls due;\n(b) at least three weeks have elapsed since the demand was served; and\n(c) the demand has been neither complied with nor set aside in accordance with rules.\n(5) A demand made under subsection (4)(a) is to be treated for the purposes of the 1986 Act (or the 1989 Order) as if it were a statutory demand under section 268 of that Act (or Article 242 of that Order).\n(6) For the purposes of a petition presented in accordance with subsection (1)(b) or (1A)(b)—\n(a) the regulator by which the petition is presented is to be treated as a qualified creditor; and\n(b) a ground mentioned in subsection (2) constitutes apparent insolvency.\n(7) “Individual” means an individual—\n(a) who is, or has been, an authorised person; or\n(b) who is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.\n(8) “Agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the individual concerned.\n(9) “Rules” means—\n(a) in England and Wales, rules made under section 412 of the 1986 Act;\n(b) in Scotland, rules made by order by the Treasury, after consultation with the Scottish Ministers, for the purposes of this section; and\n(c) in Northern Ireland, rules made under Article 359 of the 1989 Order.", "extent": "E+W+S+N.I.", "status": null, "version": "current", "annotations": [ { "type": "F", "label": "F1", "text": "Word in s. 372(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "F", "label": "F2", "text": "Words in s. 372(1)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(6)" }, { "type": "F", "label": "F3", "text": "S. 372(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "F", "label": "F4", "text": "Words in s. 372(1A)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 20(6)" }, { "type": "F", "label": "F5", "text": "Words in s. 372(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "F", "label": "F6", "text": "Words in s. 372(4)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(5)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "F", "label": "F7", "text": "Words in s. 372(4)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(5)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "F", "label": "F8", "text": "Words in s. 372(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(6)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "F", "label": "F9", "text": "Words in s. 372(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 20(6)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch." }, { "type": "I", "label": "I1", "text": "S. 372 wholly in force at 1.12.2001; s. 372 not in force at Royal Assent see s. 431(2); s. 372 in force for certain purposes at 20.7.2001 by S.I. 2001/2632, art. 2(1), Sch. Pt. 1; s. 372 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)" } ], "outstanding_effects": [], "provenance": { "source": "legislation.gov.uk", "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/372", "retrieved_at": "2026-10-29T09:21:21.899993+00:00" }, "licence": "Open Government Licence v3.0", "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/", "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives." }