Section 370(1)

If— the liquidator must report the matter without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA. a company is being wound up voluntarily or a body is being wound up on a petition presented by any person, and it appears to the liquidator that the company or body is carrying on, or has carried on— a regulated activity in contravention of the general prohibition, or a credit-related regulated activity in contravention of section 20,

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Source: legislation.gov.uk · retrieved 2026-09-04