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PART IVU.K.PRIORITY OF PAYMENT OF INSURANCE CLAIMS IN WINDING UP ETC.

Modifications etc. (not altering text)

Application of this Part: [F1certain assets excluded from insolvent estate of UK insurer] U.K.

19.—(1) For the purposes of this Part, the insolvent estate of a UK insurer shall not include any assets which at the commencement date are subject to [F2a relevant compromise or arrangement].

(2) In this regulation—

(a)“assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order;

(b)“commencement date” has the meaning given in [F3regulation 18(5)];

(c)“insolvent estate”—

(i)in England, Wales and Northern Ireland has the meaning given by [F4rule 1.2] of the Insolvency Rules or Rule 0.2 of the Insolvency Rules (Northern Ireland), and

(ii)in Scotland means the company’s assets;

[F5(d)“relevant compromise or arrangement” means—

(i)a compromise or arrangement sanctioned by the court in relation to a UK insurer before 20th April 2003 under—

(aa)section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or

(bb)Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order); or

(ii)any subsequent compromise or arrangement sanctioned by the court to amend or replace a compromise or arrangement of a kind mentioned in paragraph (i) which is—

(aa)itself of a kind mentioned in sub-paragraph (aa) or (bb) of paragraph (i) (whether sanctioned before, on or after 20th April 2003), or

(bb)a section 899 compromise or arrangement.]

Textual Amendments