UK: England and Wales: regulatory action by FCA did not require insolvency court permission

Judgment was given today in Financial Conduct Authority v Carillion Plc [2021] EWHC 2871 (Ch). The question before the court was whether regulatory action by the FCA against a company in liquidation, under section 91 and/or section 123 of the Financial Services and Markets Act 2000, constituted "action or proceeding" such that it required the permission of the insolvency court under section 130(2) ("consequences of winding-up order") of the Insolvency Act 1986. The trial judge, Mr Justice Michael Green, held that such permission was not required.