The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005

Reports to creditors

38.—(1) Regulation 14 of the principal Regulations (reports to creditors) applies with the modifications set out in paragraphs (2) to (4) where—

(a) a liquidator is appointed in respect of a member or former member in accordance with—

(i) section 100 of the 1986 Act or Article 86 of the 1989 Order (creditors' voluntary winding up: appointment of a liquidator), or

(ii) paragraph 83 of Schedule B1 (moving from administration to creditors' voluntary liquidation);

(b) a winding up order is made by the court in respect of a member or former member;

(c) a provisional liquidator is appointed in respect of a member or former member;

(d) an administrator of a member or former member (within the meaning given by paragraph 1(1) of Schedule B1) includes in the statement required by Rule 2.2 of the Insolvency Rules a statement to the effect that the objective set out in paragraph 3(1)(a) of Schedule B1 is not reasonably likely to be achieved; or

(e) a bankruptcy order or award of sequestration is made in respect of a member or former member.

(2) Paragraphs (2) to (5) of that regulation have effect as if they each included a reference to—

(a) an administrator who has made a statement to the effect that the objective set out in paragraph 3(1)(a) of Schedule B1 is not reasonably likely to be achieved;

(b) the official receiver or a trustee in bankruptcy; and

(c) in Scotland, an interim or permanent trustee.

(3) Paragraph (6)(a) of that regulation has effect as if the meaning of “known creditor” included—

(a) a creditor who is known to the administrator, the trustee in bankruptcy or the trustee, as the case may be;

(b) in a case where a bankruptcy order is made in respect of a member or former member, a creditor who is specified in a report submitted under section 274 of the 1986 Act or Article 149 of the 1989 Order or a statement of affairs submitted under section 288 or Article 261 in respect of the member or former member;

(c) in a case where an administrator of a member has made a statement to the effect that the objective set out in paragraph 3(1)(a) of Schedule B1 is not reasonably likely to be achieved, a creditor who is specified in the statement of the member’s affairs required by the administrator under paragraph 47(1) of that Schedule;

(d) in a case where a sequestration has been awarded, a creditor who is specified in a statement of assets and liabilities under section 19 of the Bankruptcy (Scotland) Act 1985.

(4) Paragraph (6)(b) of that regulation has effect as if “report” included a written report setting out the position generally as regards the progress of—

(a) the bankruptcy or sequestration; or

(b) the administration.