C1Part II Regulation of Insurance Companies
Winding up
59 Winding up rules.
1
Rules may be made under F2sectionF3411 of the Insolvency Act 1986 or F4Article 359 of the Insolvency (Northern Ireland) Order 1989 (general rules about winding up) for determining the amount of the liabilities of an insurance company to policy holders of any class or description for the purpose of proof in a winding up and generally for carrying into effect the provisions of this Part of this Act with respect to the winding up of insurance companies.
2
Without prejudice to the generality of subsection (1) above, rules under F5sectionF6411 of the Insolvency Act 1986 or, as the case may be, F7Article 359 of the said Order of 1989 may make provision for all or any of the following matters—
a
the identification of the assets and liabilities falling within either paragraph of subsection (3) of section 55 above;
b
the apportionment between the assets falling within paragraphs (a) and (b) of that subsection of the costs, charges and expenses of the winding up and of any debts of the company having priority under F6sections 175 and 176 of, and Schedule 6 to, the Insolvency Act 1986, or, as the case may be, F8Articles 149 and 150 of, and Schedule 4 to, the Insolvency (Northern Ireland) Order 1989;
c
the determination of the amount of liabilities of any description falling within either paragraph of that subsection for the purpose of establishing whether or not there is any such excess in respect of that paragraph as is mentioned in subsection (4) of section 55 above;
d
the application of assets within paragraph (a) of the said subsection (3) for meeting the liabilities within that paragraph;
e
the application of assets representing any such excess as is mentioned in the said subsection (4).
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)