The Insurers (Reorganisation and Winding Up) Regulations 2003

Application of regulations 19 to 27

18.—(1) Subject to paragraph (2), regulations 19 to 27 apply in the winding up of a UK insurer where—

(a) in the case of a winding up by the court, the winding up order is made on or after 20th April 2003; or

(b) in the case of a creditors' voluntary winding up, the liquidator is appointed, as mentioned in section 100 of the 1986 Act or Article 86 of the 1989 Order, on or after 20th April 2003.

(2) (a) Where a relevant section 425 compromise or arrangement is in place, no winding up proceedings may be opened without the permission of the court.

(b) The permission of the court is to be granted only if required by the exceptional circumstances of the case.

(c) For the purposes of this paragraph winding up proceedings include proceedings for a winding up order or for a creditors' voluntary liquidation with confirmation by the court.

(3) Regulations 20 to 27 do not apply to a winding up falling within paragraph (1) where, in relation to a UK insurer—

(a) an administration order was made before 20th April 2003, and that order is not discharged until the commencement date; or

(b) a provisional liquidator was appointed before 20th April 2003, and that appointment is not discharged until the commencement date.

(4) For purposes of this regulation, “the commencement date” means the date when a UK insurer goes into liquidation within the meaning given by section 247(2) of the 1986 Act or Article 6(2) of the 1989 Order.