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Changes over time for: Section 40A
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Version Superseded: 05/01/1998
Status:
Point in time view as at 01/07/1994. This version of this provision has been superseded.
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Changes to legislation:
Insurance Companies Act 1982 (repealed), Section 40A is up to date with all changes known to be in force on or before 13 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[40A Prohibition on disposal of assets.U.K.
(1)If on the application of the Secretary of State it appears to the court that any of the grounds set out in section 37(3) above are established in relation to a UK company, the court may grant an injunction restraining, or in Scotland an interdict prohibiting, the company from disposing of or otherwise dealing with any of its assets to the value of its EC liabilities.
(2)Where a court makes an order under subsection (1) above, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as are necessary to enable the Secretary of State to perform his functions under this Act.
(3)The jurisdiction conferred by this section shall be exercisable by the High Court and the Court of Session.
(4)In this section “EC liabilities" has the same meaning as in section 39 above.]
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