372 Petitions
372 Petitions

(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-regulated person.]

(2)     But [a petition may be presented by virtue of subsection (1) or (1A)] only on the ground that—

(a)     the individual appears to be unable to pay a regulated activity debt; or