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Policyholders Protection Act 1975

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This is the original version (as it was originally enacted).

28Statement by Secretary of State with respect to the exercise of his powers in relation to a company in liquidation, etc.

(1)Subject to the following provisions of this section, in the case of a company—

(a)which is a company in liquidation ; or

(b)which is a company in financial difficulties within the meaning of section 16 above in relation to which the Board have exercised any of their powers under that section or under section 15 above ;

the Secretary of State shall before the end of the period applicable by virtue of subsection (2) below lay before Parliament a statement with respect to the exercise of his powers under the [1974 c. 49.] Insurance Companies Act 1974 in relation to that company during the year ending immediately before the time mentioned below in this subsection.

The time referred to above is the beginning of the liquidation in a case falling within paragraph (a) above and the relevant time as defined by section 16(6) above in a case falling within paragraph (b) above.

(2)The period applicable by virtue of this subsection is—

(a)in a case falling within paragraph (a) of subsection (1) above, the period of six months beginning with the beginning of the liquidation ; and

(b)in a case falling within paragraph (b) of that subsection,

the period of six months beginning with the date on which the Secretary of State receives written notification from the Board that they have exercised any of then-powers under section 15 or 16 above in relation to the company in question.

(3)Where by virtue of paragraph (b) of subsection (1) above the Secretary of State is required to lay before Parliament a statement with respect to the exercise of his powers under the [1974 c. 49.] Insurance Companies Act 1974 in relation to any company, that subsection shall not also apply by virtue of paragraph (a) thereof in the case of that company in the event of the company's going into liquidation.

(4)The Secretary of State shall not be required to include in any statement under this section any information which might in his view prejudice any criminal proceedings which have been or may be instituted against any person.

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