Financial Services and Markets Act 2000

Application of ScheduleU.K.

This section has no associated Explanatory Notes

[F11(1)This Schedule applies where—

(a)a write-down order has been made under section 377A in relation to an insurer, and

(b)one or more persons have been appointed under section 377G to act as the manager of the order.

(2)Where only one person acts as the manager, a reference in this Schedule to “the manager” is to that person.

(3)Where two or more persons act jointly as the manager—

(a)a reference in this Schedule to the manager is a reference to those persons acting jointly;

(b)where an offence of omission is committed by the manager, each of the persons appointed to act jointly—

(i)commits the offence, and

(ii)may be proceeded against and punished individually.

(4)Where persons act jointly in respect of only some of the functions of the manager, sub-paragraph (3) applies only in relation to those functions.

(5)Where two or more persons act concurrently as the manager, a reference in this Schedule to the manager is a reference to any of the persons appointed (or any combination of them).

(6)In this Schedule, “creditor” includes a contingent or prospective creditor.]

Textual Amendments