Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, or recognised investment exchange, the appropriate regulator may apply to the court under section 6 or 7 of that Act.
Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, or recognised investment exchange, the appropriate regulator may apply to the court under Article 19 or 20 of that Order.
If a person other than a regulator makes an application to the court in relation to the company or insolvent partnership under any of those provisions, the appropriate regulator is entitled to be heard at any hearing relating to the application.
"The appropriate regulator" means—
If either regulator makes an application to the court under any of those provisions in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.