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Financial Services and Markets Act 2000

Financial Services and Markets Act 2000

2000 CHAPTER 8

Commentary on Sections

Part Xxiv: Insolvency

Administration orders

Section 359: Petitions

641.General insolvency law provides for the court to place a company or partnership into administration, that is to allow it to continue in business, under the supervision of an administrator, as an alternative to winding it up.  This section allows the Authority to ask the court to do this in respect of present or former financial services businesses and appointed representatives or persons who are or have carried on financial services business without authorisation, where it would be in consumers’ interests for the business to remain in being, rather than be wound up.  It also provides that for such persons failure to pay money due to consumers on time shall count as sufficient evidence to allow the initiation of administration  proceedings.

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