[(1) The Secretary of State may by regulations provide that this Part does not apply—
(a) where the company in respect of which a compromise or arrangement is proposed is an authorised person, or an authorised person of a specified description;
(i) a compromise or arrangement is proposed between a company, or a company of a specified description, and any creditors of the company, and
(ii) those creditors consist of or include creditors of a specified description.
(2) In this section—
“authorised person” has the same meaning as in the Financial
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