Part XXIV

Insolvency

Supplemental provisions concerning insurers

The manager
377G
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.
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)
Ss. 377A-377J inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 1(4)
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))