C1Part II Regulation of Insurance Companies

Annotations:
Modifications etc. (not altering text)
C1

Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65

Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)

Powers of intervention

C240AF2 Prohibition on disposal of assets.

1

If on the application of the F3Treasury 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 F3Treasury to perform F4their 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.