[(1) The [FCA] may make an administration application under Schedule B1 to the 1986 Act [or Schedule B1 to the 1989 Order] in relation to a company or insolvent partnership which—
(a) is or has been an authorised person [or recognised investment exchange],
(b) is or has been an appointed representative, or
(c) is carrying on or has carried on a regulated activity in contravention of the general prohibition.
[(1A) The PRA may make an administration application under Schedule B1 to the 1986 Act or Schedule B1 to the 1989 Order in relation to a company or insolvent partnership which is a PRA-regulated person.]
(2) Subsection (3) applies in relation to an administration application
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