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The Insurers (Reorganisation and Winding Up) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 1102
- PART IV
- Regulation 28
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Composite insurers: proof of debts
28.—(1) This regulation applies in the case of the winding up of a non-transferring composite insurer in compliance with the requirement in regulation 22(2).
(2) The liquidator may in relation to the insurer’s long term business assets and its general business assets fix different days on or before which the creditors of the company who are required to prove their debts or claims are to prove their debts or claims, and he may fix one of those days without at the same time fixing the other.
(3) In submitting a proof of any debt a creditor may claim the whole or any part of such debt as attributable to the company’s long term business or to its general business, or he may make no such attribution.
(4) When he admits any debt, in whole or in part, the liquidator shall state in writing how much of what he admits is attributable to the company’s long term business, how much is attributable to the company’s general business, and how much is attributable to its other business (if any).
(5) Paragraph (2) does not apply in Scotland.
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