375 [Right of FCA and PRA] to apply for an order
375 [Right of FCA and PRA] to apply for an order

(1)     The [FCA] may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if—

(a)     at the time the transaction at an undervalue was entered into, the debtor was carrying on a regulated activity (whether or not in contravention of the general prohibition); and