(1) The [FCA] may present a petition to the court—
(a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual; or
(b) under section [2 or 5 of the 2016] Act for the sequestration of the estate of an individual.
[(1A) The PRA may present a petition to the court—
(a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;
(b) under section [2 or 5 of the 2016] Act for the sequestration of the estate of an individual who is a PRA
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