Section 373

If— the insolvency practitioner must report the matter without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA. a bankruptcy order or sequestration award is in force in relation to an individual ..., and it appears to the insolvency practitioner that the individual 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, Subsection (1) does not apply where— the bankruptcy order or sequestration award is in force by virtue of a petition presented by a regulator, and the regulator's petition depended on a contravention by the individual of the general prohibition. “Bankruptcy order” means a bankruptcy order under Part IX of the 1986 Act (or Part IX of the 1989 Order). “Sequestration award” means an award of sequestration under section 22 of the 2016 Act. “Individual” includes an entity mentioned in section 374(1)(c).

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