# Financial Services and Markets Act 2023, Paragraph 107: Insolvency proceedings

Extent: E+W+S+N.I.

(1) This paragraph applies to a CCP if—
(a) a stabilisation power has been exercised in respect of the CCP, or
(b) the conditions in paragraph 17 are met in relation to the CCP.
(2) Insolvency proceedings may not be commenced in relation to the CCP except by, or with the consent of, the Bank.
(3) For the purposes of sub-paragraph (2), the commencement of insolvency proceedings means—
(a) making an application for an administration order,
(b) presenting a petition for winding up,
(c) proposing a resolution for voluntary winding up, or
(d) appointing an administrator.

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Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/107 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-107
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.