Part VII Control of Business Transfers

C1107 Application for order sanctioning transfer scheme.

1

An application may be made to the court for an order sanctioning an insurance business transfer scheme F1, a banking business transfer scheme F4, a reclaim fund business transfer scheme or a ring-fencing transfer scheme .

2

An application may be made by—

a

F2the transferor concerned;

b

the transferee; or

c

both.

F32A

An application relating to a ring-fencing transfer scheme may be made only with the consent of the PRA.

2B

In deciding whether to give consent, the PRA must have regard to the scheme report prepared under section 109A in relation to the ring-fencing transfer scheme.

3

The application must be made—

a

if F2the transferor concerned and the transferee are registered or have their head offices in the same jurisdiction, to the court in that jurisdiction;

b

if F2the transferor concerned and the transferee are registered or have their head offices in different jurisdictions, to the court in either jurisdiction;

c

if the transferee is not registered in the United Kingdom and does not have his head office there, to the court which has jurisdiction in relation to F2the transferor concerned.

4

“Court” means—

a

the High Court; or

b

in Scotland, the Court of Session.