Powers of the court
7.—(1) On hearing an application for a Lloyd’s market reorganisation order, the court may make—
(a)a Lloyd’s market reorganisation order, and
(b)any other order in addition to a Lloyd’s market reorganisation order which the court thinks appropriate for the attainment of either or both of the objectives in regulation 5.
(2) A Lloyd’s market reorganisation order comes into force—
(a)at the time appointed by the court; or
(b)if no time is so appointed, when the order is made
and remains in force until revoked by the court.
(3) The court may on an application made by the Authority or the Society at the same time as an application under regulation 6 or the reorganisation controller, the Authority, the Society, a subsidiary of the Society or any affected market participant at any time while the Lloyd’s market reorganisation order is in force, amend or vary a Lloyd’s market reorganisation order so that it—
(a)does not apply to—
(i)particular assets, or
(ii)particular members, former members, member’s agents, managing agents, Lloyd’s brokers, approved run-off companies or subsidiaries of the Society,
specified in the order; and
(b)does apply to any coverholder specified in the order.
(4) The court—
(a)must appoint one or more persons to be the reorganisation controller;
(b)must specify the powers and duties of the reorganisation controller;
(c)may establish or approve the respective duties and functions of two or more persons appointed to be the reorganisation controller, including specifying that one of them shall have precedence; and
(d)may from time to time vary the powers of a reorganisation controller.
(5) An application made under paragraph (3) other than at the time of the application under regulation 6 shall be served on the reorganisation controller and the Authority who shall each be entitled to attend and be heard at a hearing of such an application.