Section 373 Insolvency practitioner’s duty to report to FCA and PRA.F6

United Kingdom

(1)

If—

(a)

a bankruptcy order or sequestration award is in force in relation to an individual F1..., and

(b)

it appears to the insolvency practitioner that the individual is carrying on, or has F2carried on—

(i)

a regulated activity in contravention of the general prohibition, or

(ii)

a credit-related regulated activity in contravention of section 20,

the insolvency practitioner must report the matter F3without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA.

F4(1A)

Subsection (1) does not apply where—

(a)

the bankruptcy order or sequestration award is in force by virtue of a petition presented by a regulator, and

(b)

the regulator's petition depended on a contravention by the individual of the general prohibition.

(2)

“Bankruptcy order” means a bankruptcy order under Part IX of the 1986 Act (or Part IX of the 1989 Order).

(3)

“Sequestration award” means an award of sequestration under section F522 of the 2016 Act.

(4)

“Individual” includes an entity mentioned in section 374(1)(c).

Annotations

Textual amendments

F1: Words in s. 373(1)(a) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 373(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: Words in s. 373(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4: S. 373(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5: Words in s. 373(3) 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(7)
F6: Words in s. 373 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 21(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Notes on Part XXIV

Modifications

C1: Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)
C2: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
C3: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))