Section 87 Power of FCA and of PRA to apply for winding-up of registered friendly societies and branches.F4F5
United Kingdom
If, on receiving the report on the state and conduct of the activities of a registered friendly society from a person appointed under section 65 of the 1992 Act, it appears to the F1FCA or the PRA that it is in the interests of the members of the society or of the public that the society should be wound up, then, unless the society is already being wound up by the court, the F2FCA, after consulting the PRA, or the PRA, after consulting the FCA, may present a petition to the High Court or, in Scotland, to the Court of Session for the society to be wound up by the court in accordance with the Insolvency Act 1986 or, as the case may be, the Insolvency (Northern Ireland) Order 1989 if the court thinks it just and equitable that this should be done.
Subsection (1) above applies in relation to a registered branch of a registered friendly society as it applies in relation to such a society.
Subsection (1) does not require the FCA to consult the PRA if the society in question is not a PRA -authorised person.
The PRA may only present a petition under subsection (1) in respect of a society which is a PRA -authorised person.
Annotations
Textual amendments
- F1
Words in s. 87(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 13(2)(a) (with Sch. 12)
- F2
Words in s. 87(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 13(2)(b) (with Sch. 12)
- F3
S. 87(3)(4) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 13(3) (with Sch. 12)
- F4
S. 87 and heading substituted (28.4.1993) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 34 (with ss. 7(5) and 93(4)); S.I. 1993/1186, art. 2, Sch. 3.
- F5
Words in s. 87 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 13(4) (with Sch. 12)
Modifications
- C1
S. 87(1) extended (1.2.1993 for the purpose of application of Financial Services Act 1986 to incorporated friendly societies and 1.1.1994 for all other purposes) by 1986 c. 60, Sch. 11 para. 26(2) as substituted (1.2.1993) by 1992 c. 40, s. 98, Sch. 18, Pt. II para. 16 (with ss. 7(5), 93(4)); S.I. 1993/16, art. 2 Sch. 4 ; S.I. 1993/2213, art. 2, Sch. 5.
Notes on Winding-up, suspension of business and inspection
Textual amendments
- F1
S. 87 and heading substituted (28.4.1993) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para.34 (with ss. 7(5) and 93(4)); S.I. 1993/1186, art. 2, Sch. 3.