Part VII Control of Business Transfers

C1107 Application for order sanctioning transfer scheme.

1

An application may be made to the court for an order sanctioning an insurance business transfer scheme F1, a banking business transfer scheme or a reclaim fund business transfer scheme.

2

An application may be made by—

a

the authorised person concerned;

b

the transferee; or

c

both.

3

The application must be made—

a

if the authorised person concerned and the transferee are registered or have their head offices in the same jurisdiction, to the court in that jurisdiction;

b

if the authorised person concerned and the transferee are registered or have their head offices in different jurisdictions, to the court in either jurisdiction;

c

if the transferee is not registered in the United Kingdom and does not have his head office there, to the court which has jurisdiction in relation to the authorised person concerned.

4

“Court” means—

a

the High Court; or

b

in Scotland, the Court of Session.