The Insurers (Reorganisation and Winding Up) Regulations 2004

Application of regulations 19 to 27 U.K.

18.—(1) Subject to paragraph (2), regulations 19 to 27 apply in the winding up of a UK insurer where—

(a) in the case of a winding up by the court, the winding up order is made on or after 20th April 2003; or

(b) in the case of a creditors' voluntary winding up, the liquidator is appointed, as mentioned in section 100 of the 1986 Act, paragraph 83 of Schedule B1[F1 , paragraph 84 of Schedule B1 to the 1989 Order] or Article 86 of the 1989 Order, on or after 20th April 2003.

(2) Where a [F2 relevant compromise or arrangement] is in place,

(a) no winding up proceedings may be opened without the permission of the court, and

(b) the permission of the court is to be granted only if required by the exceptional circumstances of the case.

(3) For the purposes of paragraph (2), winding up proceedings include proceedings for a winding up order or for a creditors' voluntary liquidation with confirmation by the court.

(4) Regulations 20 to 27 do not apply to a winding up falling within paragraph (1) where, in relation to a UK insurer—

(a) an administration order was made before 20th April 2003, and that order is not discharged until the commencement date; or

(b) a provisional liquidator was appointed before 20th April 2003, and that appointment is not discharged until the commencement date.

(5) For purposes of this regulation, “the commencement date” means the date when a UK insurer goes into liquidation within the meaning given by section 247(2) of the 1986 Act or Article 6(2) of the 1989 Order.

[F3 (6) In paragraph (2) “relevant compromise or arrangement” means—

(a) a section 899 compromise or arrangement, or

(b) a compromise or arrangement sanctioned by the court in relation to a UK insurer before 6th April 2008 under—

(i) section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or

(ii) Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order).]

Textual Amendments

F1 Words in reg. 18(1)(b) inserted (6.4.2007) by The Insurers (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 2(12)

F2 Words in reg. 18(2) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 23(4)(a)

F3 Reg. 18(6) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 23(4)(b)