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PART 2LLOYD'S MARKET REORGANISATION ORDER

Petition for winding up of a member by reorganisation controller

25.—(1) The reorganisation controller may present a petition to the court for the winding up of a member or former member that is a company.

(2) The petition is to be treated as made under section 124 of the 1986 Act or Article 104 of the 1989 Order.

(3) Section 122(1) of the 1986 Act, or Article 102(1) of the 1989 Order must, in the case of an application made by the reorganisation controller be read as if they included the following grounds–

(a)the member is in default of an obligation to pay an insurance market debt which is due and payable; or

(b)the court considers that the member is or is likely to be unable to pay insurance market debts as they fall due; and

(c)in the case of either (a) or (b), the court thinks that the winding up of the member is necessary or desirable for achieving the objectives of the Lloyd’s market reorganisation order.