Commentary

121 Petition under the Financial Services and Markets Act 2000

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

121 Petition under the Financial Services and Markets Act 2000

| Commentary

121 Petition under the Financial Services and Markets Act 2000

The Financial Services and Markets Act 2000 gives the Financial Conduct Authority and the Prudential Regulation Authority wide powers in relation to insolvency proceedings. The Authority may petition the court for a bankruptcy order under the Insolvency Act 1986 Section 264 on the ground that an individual appears to be unable to pay a regulated activity debt or appears to have no reasonable prospect of being able to pay such a debt1.

An individual appears to be unable to pay a regulated activity debt if he is in default on an

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