{
  "url": "https://openlegislation.uk/payment-services-regulations-2017/schedule-6/paragraph-9",
  "json_url": "https://openlegislation.uk/payment-services-regulations-2017/schedule-6/paragraph-9.json",
  "legislation": "uksi/2017/752",
  "legislation_title": "The Payment Services Regulations 2017",
  "legislation_url": "https://openlegislation.uk/payment-services-regulations-2017",
  "path": "schedule/6/paragraph/9",
  "kind": "paragraph",
  "number": "9",
  "heading": "Insolvency",
  "text": "The sections of the 2000 Act mentioned in the first column of the Table apply with any modifications shown in the third column.\nSection\nSubject\nModifications\nGenerally (for the sections mentioned below)\nTo be read as if—\n(a) references to an authorised person or recognised investment exchange were to an authorised payment institution or a small payment institution;\n(b) references to the appropriate regulator, or to the regulator or a regulator, were to the FCA;\n(c) references to creditors included users.\nSection 356\nPowers of FCA to participate in proceedings: company voluntary arrangements\nTo be read as if subsections (4) and (5) were omitted.\nSection 357\nPowers of FCA to participate in proceedings: individual voluntary arrangements\nTo be read as if subsections (7) and (8) were omitted.\nSection 358\nPowers of FCA to participate in proceedings: trust deeds for creditors in Scotland\nTo be read as if subsection (6A) were omitted.\nSection 359\nAdministration order\nTo be read as if—\n(a) subsection (1)(b) were omitted;\n(b) subsection (1)(c) were substituted with—\n“(c) is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(c) subsection (1A) were omitted;\n(d) in subsection (3)(a), the reference to an agreement were to a contract for payment services;\n(e) subsection (3)(b) and (c) were omitted;\n(f) in subsection (4), the definitions of “agreement, “authorised deposit taker”, “authorised reclaim fund” and “relevant deposit” were omitted;\n(g) subsection (5) were omitted.\nSection 361\nAdministrators’ duty to report to FCA\nTo be read as if—\n(a) in subsection (2)(a) the reference to the general prohibition were to regulation 138(1) of the Payment Services Regulations 2017;\n(b) subsection (2)(b) were omitted;\n(c) subsection (2A) were omitted;\n(d) in subsection (3)(b) the reference to the general prohibition were to regulation 138(1) of the Payment Services Regulations 2017.\nSection 362\nPowers of FCA to participate in proceedings\nTo be read as if—\n(a) subsection (1)(b) were omitted;\n(b) subsection (1)(c) were substituted with—\n“(c) is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(c) subsections (7) and (8) were omitted.\nSection 362A\nAdministrator appointed by company or directors\nTo be read as if subsection (2B) were omitted.\nSection 363\nReceivership: powers of FCA to participate in proceedings\nTo be read as if—\n(a) subsection (1)(b) were omitted;\n(b) subsection (1)(c) were substituted with—\n“(c) is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(c) subsection (6) were omitted.\nSection 364\nReceiver’s duty to report to FCA\nTo be read as if—\n(a) in subsection (b), for the words from “carrying” to the end there were substituted “providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017,”;\n(b) in the words after subsection (b), the words from “and,” to the end were omitted.\nSection 365\nVoluntary winding up: powers of FCA to participate in proceedings\nTo be read as if subsection (8) were omitted.\nSection 367\nWinding-up petitions\nTo be read as if—\n(a) subsection (1)(b) were omitted;\n(b) subsection (1)(c) were substituted with—\n“(c) is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(c) subsection (1A) were omitted;\n(d) in subsection (4) for “an agreement” there were substituted “a contract for payment services”;\n(e) subsection (5) were omitted.\nSection 370\nLiquidator’s duty to report to FCA\nTo be read as if —\n(a) in subsection (1)(b)(ii), for the words from “carrying” to the end there were substituted “providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017,”;\n(b) in the words after subsection (1)(b), the words from “and,” to the end were omitted;\n(c) in subsection (2)(b), the reference to the general prohibition were to regulation 138(1) of the Payment Services Regulations 2017.\nSection 371\nWinding up: powers of FCA to participate in proceedings\nTo be read as if —\n(a) subsection (1)(b) were omitted;\n(b) subsection (1)(c) were substituted with—\n“(c) is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(c) subsections (6) and (7) were omitted.\nSection 372\nBankruptcy: Petitions\nTo be read as if —\n(a) subsection (1A) were omitted;\n(b) in subsections (3) and (4), the reference to an agreement, in both places it occurs, were to a contract for payment services;\n(c) in subsections (2) and (6) the reference to subsection (1A), in each place it occurs, were omitted;\n(d) in subsection (7)(b), for the words from “carrying” to the end there were substituted “providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(e) subsection (8) were omitted.\nSection 373\nBankruptcy: insolvency practitioner’s duty to report to FCA\nTo be read as if —\n(a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017,”;\n(b) in the words after subsection (1)(b)(ii), the words from “and,” to the end were omitted;\n(c) in subsection (1A)(b), the reference to the general prohibition were to regulation 138(1) of the Payment Services Regulations 2017.\nSection 374\nBankruptcy: powers of FCA to participate in proceedings\nTo be read as if —\n(a) in subsection (5)(b), for the words from “carrying” to the end there were substituted “providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(b) in subsection (6)(b), for the words from “carrying” to the end there were substituted “providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.”;\n(c) subsections (7) and (8) were omitted.\nSection 375\nProvisions against debt avoidance: right of FCA to apply for an order\nTo be read as if—\n(a) in subsection (1)(a), for the words from “carrying” to the end there were substituted “providing payment services (whether or not in contravention of regulation 138 (1) of the Payment Services Regulations 2017);”;\n(b) in subsection (1)(b) the reference to a regulated activity carried on were to payment services being provided;\n(c) subsection (1A) were omitted;\n(d) in subsection (2) “or subsection (1A)(b) (as the case may be)” were omitted.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 6 para. 9 substituted (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2017/752/schedule/6/paragraph/9",
    "retrieved_at": "2026-10-28T23:09:36.065342+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."
}