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Section 367: Winding-up petitions.

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XXIV: Insolvency

The FCA may present a petition to the court for the winding up of a body which—

is, or has been, an authorised person or recognised investment exchange;
is, or has been, an appointed representative; or
is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.

The PRA may present a petition to the court for the winding up of a body which is a PRA-regulated person.

In subsections (1) and (1A) "body" includes any partnership.

On such a petition, the court may wind up the body if—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the body is unable to pay its debts within the meaning of section 123 or 221 of the 1986 Act (or Article 103 or 185 of the 1989 Order); or
the court is of the opinion that it is just and equitable that it should be wound up.

If a body is in default on an obligation to pay a sum due and payable under an agreement, it is to be treated for the purpose of subsection (3)(a) as unable to pay its debts.

"Agreement" means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the body concerned.

Subsection (7) applies if a petition is presented under subsection (1) or (1A) for the winding up of a partnership—

on the ground mentioned in subsection (3)(b); or
in Scotland, on a ground mentioned in subsection (3)(a) or (b).

The court has jurisdiction, and the 1986 Act (or the 1989 Order) has effect, as if the partnership were an unregistered company as defined by section 220 of that Act (or Article 184 of that Order).

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.