Content and effect of a restoration orderN.I.
50 .F1—(1) This Article applies where a restoration order is made under Article 48 in respect of a transaction involving assets of a scheme.
(2) Where the restoration order imposes an obligation on a person to do something, the order must specify the period within which the obligation must be complied with.
(3) Where the restoration order imposes an obligation on a person ( “A”) to transfer or pay a sum of money to a person specified in the order ( “B”), the sum is to be treated as a debt due from A to B.
(4) Where the trustees or managers of the scheme are the persons to whom the debt is due, the Regulator may on their behalf, exercise such powers as the trustees or managers have to recover the debt.
(5) But during any assessment period (within the meaning of Article 116) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a restoration order are exercisable by the Board to the exclusion of the trustees or managers and the Regulator.
(6) Where, by virtue of paragraph (5), any amount is transferred or paid to the Board in respect of a debt due by virtue of a restoration order, the Board must pay the amount to the trustees or managers of the scheme.
F1mod. by SR 2005/378