Part XXIV Insolvency

Supplemental provisions concerning insurers

C1C2377 Reducing the value of contracts instead of winding up.

1

This section applies in relation to an insurer which has been proved to be unable to pay its debts.

2

If the court thinks fit, it may reduce the value of one or more of the insurer’s contracts instead of making a winding up order.

3

Any reduction is to be on such terms and subject to such conditions (if any) as the court thinks fit.