EG 13.11 1Applications for orders against debt avoidance: the FCA’s policy

1When it decides whether to make an application for an order against debt avoidance pursuant to section 375 of the Act, the FCA will consider all relevant factors, including the following:

1. (1)

   the extent to which the relevant transactions involved dealings in consumers' funds;

2. (2)

   whether it would be appropriate to petition for a winding up order, bankruptcy order, or sequestration award, in relation to the debtor and the extent to which the transaction could properly be dealt with in that winding up, bankruptcy or sequestration;

3. (3)

   the number of consumers or other creditors likely to be affected and their ability to make an application of this nature; and

4. (4)

   the size of the transaction.

1Paragraphs 13.12.2 to 13.13.1 contain information for insolvency practitioners and others about sending copies of petitions, notices and other documents to the FCA, and about making reports to the FCA. Insolvency practitioners and others have duties to give that information and those documents to the FCA under various sections in Part XXIV of the Act (Insolvency). Paragraphs 13.12.2 identifies the relevant sections of the Act that explain some of the duties.