Chwilio Deddfwriaeth

Policyholders Protection Act 1975 (repealed)

Changes over time for: Section 5

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5 Application of sections 6 to 11.U.K.

(1)Subject to the following provisions of this section, the functions of the Board under sections 6 to 11 below are exercisable where in the case of any authorised insurance company—

(a)a resolution has been passed, in accordance with the provisions of the [F2Insolvency Act 1986] or (as the case may be) of the [F3Insolvency (Northern Ireland) Order 1989] for the voluntary winding up of the company, otherwise than merely for the purpose of reconstruction of the company or of amalgamation with another insurance company; or

(b)without any such resolution having been passed beforehand, an order has been made for the winding up of the company by the court under either of those Acts.

(2)Sections 6 to 11 shall not apply in a case falling within subsection (1)(a) above (whether or not an order for the winding up of the company by [F4or subject to the supervision of] the court has been made since the resolution there mentioned was passed) unless the resolution was passed after 29th October 1974.

(3)Sections 6 to 11 shall not apply in a case falling within subsection (1)(b) above unless the petition for the winding up of the company by the court was presented after 29th October 1974.

(4)References in this Act to a company in liquidation are references to an authorised insurance company in whose case—

(a)a resolution has been passed as mentioned in subsection (1)(a) above after 29th October 1974; or

(b)an order has been made as mentioned in subsection (1)(b) above on a petition presented after that date.

(5)References in this Act, in relation to a company in liquidation, to the beginning of the liquidation, are references—

(a)in a case falling within subsection (1)(a) above, to the passing of the resolution; and

(b)in a case falling within subsection (1)(b) above, to the making of the order.

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