3.—(1) In this article, a “relevant petition” means an application by petition which was made before commencement under paragraph 1(1) of Schedule 2C for an order sanctioning a transfer scheme, but which had not been determined before commencement.
(2) Sub-paragraph (2) of paragraph 1 of Schedule 2C continues to apply to any scheme which is the subject of a relevant petition and which involves a compromise or arrangement of the kind specified in that sub-paragraph.
(3) Except in the case of a scheme of the kind specified in paragraph (2), no order may be made under—
(a)sections 425 to 427 of the Companies Act 1985(1); or
(b)articles 418 to 420 of the Companies (Northern Ireland) Order 1986(2);
in respect of so much of any compromise or arrangement as involves any transfer scheme which is the subject of a relevant petition.
(4) Sub-paragraphs (1) to (5) of paragraph 2 of Schedule 2C continue to apply to a relevant petition.
(5) Sub-paragraphs (1) to (6) of paragraph 3 of Schedule 2C continue to apply to a relevant petition, subject to the following modifications—
(a)sub-paragraph (1) applies as if for sub-paragraph (a) there were substituted—
“(a)it is satisfied that the transferee company is, or will be immediately after the making of the order—
(i)a person who has Part IV permission, within the meaning of the Financial Services and Markets Act 2000, to effect and carry out contracts of long-term insurance of the class or classes to be transferred under the scheme; or
(ii)authorised in accordance with Article 6 of the first long-term insurance Directive to carry on in an EEA State other than the United Kingdom long term business of the class or classes to be transferred under the scheme;”;
(b)sub-paragraph (4)(b) applies as if for sub-paragraph (i) there were substituted—
“(i)the transferee company has permission to effect and carry out contracts of long-term insurance involving commitments of that kind by virtue of qualifying for authorisation under Schedule 3 to the Financial Services and Markets Act 2000; and”; and
(c)sub-paragraph (5) applies as if for sub-paragraphs (a) and (b) and for the words following those sub-paragraphs there were substituted—
“(a)a person who has Part IV permission, within the meaning of the Financial Services and Markets Act 2000; or
(b)a person who has permission, by virtue of qualifying for authorisation under Schedule 3 to that Act,
to effect and carry out contracts of long-term insurance of the class or classes to be transferred under the scheme.”.
(6) Paragraph 4 of Schedule 2C continues to apply where the court makes an order sanctioning a transfer scheme pursuant to a relevant petition.
1985 c. 6; amended by the Insolvency Act 1986 (c. 45) Schedule 6, paragraphs 11 and 12.
S.I. 1986/1032 (N.I. 6).