Part XXIV

Insolvency

Supplemental provisions concerning insurers

Reducing the value of contracts instead of winding up
377
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.