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Insurance Companies Act 1982 (repealed), Section 40A is up to date with all changes known to be in force on or before 25 August 2024.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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(1)If on the application of the [F2Treasury] 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 [F2Treasury] to perform [F3their] 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.]
Textual Amendments
F1S. 40A inserted (1.7.1994) by S.I. 1994/1696, reg. 22
F2Word in s. 40A substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 25(a) (with art. 7)
F3Words in s. 40A substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 25(b) (with art. 7)
Modifications etc. (not altering text)
C2S. 40A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 27
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