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The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 38
- PART 3
- CHAPTER 2
- Regulation 13
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13.—(1) The court may make an order declaring that there is no prohibition against the commencement of any proceedings under the law of insolvency of the United Kingdom in relation to the relevant EEA insurer or any branch of that insurer.
(2) An application for an order under paragraph (1) may be made—
(a)by the Bank of England (“the Bank”) on the ground that the condition specified in regulation 14(1)(a) is met; or
(b)on the ground that one or more of the conditions specified in regulation 14(1)(b) and (c) are met—
(i)by the scheme manager (within the meaning given by section 212(1) of the Financial Services and Markets Act 2000(1));
(ii)by a UK creditor of the relevant EEA insurer.
(3) In paragraph (1)—
(a)the reference to the law of insolvency of the United Kingdom is to be construed in accordance with regulation 2(3) of the 2004 Regulations; and
(b)the reference to any proceedings under that law includes a reference to an application for a court order sanctioning a section 899 compromise or arrangement.
(4) In this regulation “the court” means a court having jurisdiction to wind up a company registered under the Companies Act 2006 in England and Wales or Scotland or Northern Ireland.
(1)
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