Carillion Fights To Pause FCA Investigation Into Accounts

Law360, London (July 14, 2021, 6:39 PM BST) -- Collapsed outsourcing giant Carillion PLC pushed to use insolvency rules to halt a Financial Conduct Authority probe into its financial statements on Wednesday, urging a court to classify regulatory decisions over alleged misconduct as quasi-legal proceedings.

Carillion argued that the High Court was right to recognize the City watchdog's sanctions process as "proceedings" in August, opening the door for companies hit with warning notices to apply for a stay under the Insolvency Act 1986. The FCA has appealed the decision.

Catherine Addy QC, counsel for Carillion, said at a remote hearing that the regulatory regime for determining penalties against a company...

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