Financial Services Act 1986 (Repealed)

72 Winding up orders.U.K.

(1)On a petition presented by the Secretary of State by virtue of this section, the court having jurisdiction under the M1Insolvency Act 1986 may wind up an authorised person or appointed representative to whom this subsection applies if—

(a)the person is unable to pay his debts within the meaning of section 123 or, as the case may be, section 221 of that Act; or

(b)the court is of the opinion that it is just and equitable that the person should be wound up.

(2)Subsection (1) above applies to any authorised person, any person whose authorisation is suspended under section 28 above or who is the subject of a direction under section 33(1)(b) above or any appointed representative who is—

(a)a company within the meaning of section 735 of the M2Companies Act 1985;

(b)an unregistered company within the meaning of section 220 of the Insolvency Act 1986;

(c)an oversea company within the meaning of section 744 of the Companies Act 1985; or

(d)a partnership.

(3)For the purposes of a petition under subsection (1) above a person who defaults in an obligation to pay any sum due and payable under any investment agreement shall be deemed to be unable to pay his debts.

(4)Where a petition is presented under subsection (1) above for the winding up of a partnership on the ground mentioned in paragraph (b) of subsection (1) above or, in Scotland, on a ground mentioned in paragraph (a) or (b) of that subsection, the court shall have jurisdiction and the Insolvency Act 1986 shall have effect as if the partnership were an unregistered company within the meaning of section 220 of that Act.

(5)The Secretary of State shall not present a petition under subsection (1) above for the winding up of any person who is an authorised person by virtue of membership of a recognised self-regulating organisation or certification by a recognised professional body and is subject to the rules of the organisation or body in the carrying on of all investment business carried on by him, unless that organisation or body has consented to his doing so.