Sch 14 para 23
(1) Section 375 (Authority's right to apply for an order relating to debt avoidance) is amended as follows. (2) In subsection (1), for “Authority” substitute “ FCA ” . (3) After subsection (1) insert— (1A) The PRA may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if— (a) at the time the transaction at an undervalue was entered into, the debtor was carrying on a PRA-regulated activity (whether or not in contravention of the general prohibition); and (b) a victim of the transaction is or was party to an agreement entered into with the debtor, the making or performance of which constituted or was part of a PRA-regulated activity carried on by the debtor. (4) In subsection (2), after “subsection (1)(b)” insert “ or subsection (1A)(b) (as the case may be) ” . (5) In the heading, for “Authority's right” substitute “ Right of FCA and PRA ” .