Policyholders Protection Act 1975

5 Application of sections 6 to 11

(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 [1948 c. 38.] Companies Act 1948 or (as the case may be) of the [1960 c. 22 (N.I.).] Companies Act (Northern Ireland) 1960 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 before hand, 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)(d) above (whether or not an order for the winding up of the company by or 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.