(1) This section applies if a person . . . presents a petition for the winding up of a body 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.
(2) The [appropriate regulator] is entitled to be heard—
(a) at the hearing of the petition; and
(b) at any other hearing of the court in relation to the body under or by virtue of Part IV or V of the 1986 Act (or Part V or VI of the 1989 Order).
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