645.This section gives the Authority the right to be represented at any court proceedings to wind up voluntarily a financial services company, other than an long term insurer.  It also provides the Authority with the same powers that creditors have to ask the court to decide any questions arising out of the winding up, or to order that a scheme, under section 425 of the Companies Act (or the equivalent Northern Ireland provision), to settle some or all of the debts of the company, should be put to a vote of creditors.  In addition, it gives the Authority the right to receive any notice or document required to be sent to creditors and to attend and speak at any creditors’ meeting.
Commentary on Sections Voluntary winding up Section 365: Authority’s powers to participate in proceedings