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Insurance Companies Act 1980

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This is the original version (as it was originally enacted).

21In section 46—

(a)after subsection (1) insert—

(1A)The Secretary of State may present a petition for the winding up, in accordance with the Companies Act (Northern Ireland) 1960, of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of that Act, on the ground—

(a)that the company is unable to pay its debts within the meaning of sections 210 and 211 or section 349 of that Act; (6) that the company has failed to satisfy an obligation to which it is or was subject by virtue of this Act or any enactment repealed by the Insurance Companies Act 1980 ; or (c) that the company, being under an obligation imposed by Article 25 of the Companies (Northern Ireland) Order 1978 with respect to the keeping of accounting records, has failed to satisfy that obligation or to produce records kept in satisfaction of that obligation and that the Secretary of State is unable to ascertain its financial position ; and subsection (3) of section 163 of the said Act of 1960 shall have effect in relation to such an insurance company as if any reference to the Department of Commerce for Northern Ireland were a reference to the Secretary of State.;

(b)in subsection (2) after " subsection (1) " insert

or (1A);

(c)in subsection (3) after " 1948 " insert " or, as the case may be,

the said Act of 1960 ".

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