C3Part XXIV Insolvency

Annotations:
Modifications etc. (not altering text)
C3

Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)

Supplemental provisions concerning insurers

C1C2377 Reducing the value of contracts instead of winding up.

1

This section applies in relation to an insurer which has been proved to be unable to pay its debts.

2

If the court thinks fit, it may reduce the value of one or more of the insurer’s contracts instead of making a winding up order.

3

Any reduction is to be on such terms and subject to such conditions (if any) as the court thinks fit.