The FCA has specific rights and powers under the Act to apply to the court for orders under existing insolvency legislation and to participate in proceedings under that legislation. The FCA also has powers under other legislation in relation to insolvency, including under the Payment and Electronic Money Institution Insolvency Regulations 2021, the Investment Bank Special Administration Regulations 2011 and the Corporate Insolvency and Governance Act 2020. The FCA’s effective use of its powers and rights in insolvency proceedings in order to meet its operational objectives enables it to apply to court to:
- (1)
stop firms and unauthorised persons carrying on insolvent or unlawful business; and
- (2)
ensure the orderly realisation and distribution of their assets.