Part XXIV Insolvency

Supplemental provisions concerning insurers

F1377GThe manager

(1)

The court may by order appoint one or more eligible persons to act as the manager of a write-down order (“the manager”).

(2)

An order under subsection (1) may—

(a)

be made at the same time as the write-down order or at a later date (but see section 377A(3)(a));

(b)

appoint a person in addition to or instead of a person who is for the time being appointed;

(c)

give such directions about the carrying out of the person’s functions as the manager as the court thinks appropriate.

(3)

The court may by order terminate the appointment of a person who is for the time being appointed to act as the manager of a write-down order.

(4)

Sections 377C and 377D apply to an application to the court for an order under subsection (1) or (3) as they apply to an application for a write-down order but—

(a)

if the application is for the appointment of a person in addition to, or instead of, a person for the time being appointed, section 377C(1) applies as if the persons mentioned included a person for the time being appointed;

(b)

section 377C(2) does not apply.

(5)

The court may appoint a person to act as the manager of a write-down order only if—

(a)

the PRA has provided the court with a statement that the person is suitably qualified, and

(b)

the person has provided the court with a statement that the person consents so to act.

(6)

Where it is proposed that more than one person should act as the manager, the statement under subsection (5)(b) must specify—

(a)

which of the functions of the manager (if any) are to be exercised by the persons acting jointly, and

(b)

which of the functions of the manager (if any) are to be exercised by any or all of the persons.

(7)

The appointment of a person to act as the manager—

(a)

takes effect at the time specified in the order by which the person is appointed, and

(b)

ceases to have effect at the time specified in the order by which the person’s appointment is terminated (whether by being replaced by another person or otherwise).

(8)

Schedule 19A makes further provision about the manager of a write-down order.