PART IIINSOLVENCY MEASURES AND PROCEEDINGS: JURISDICTION IN RELATION TO INSURERS
Prohibition against winding up etc.EEA insurers in the United Kingdom4
1
On or after the relevant date a court in the United Kingdom may not, in relation to an EEA insurer or any branch of an EEA insurer—
a
make a winding up order pursuant to section 221 of the 1986 Act or Article 185 of the 1989 Order;
b
appoint a provisional liquidator;
c
make an administration order.
2
Paragraph (1)(a) does not prevent—
a
the court from making a winding up order after the relevant date in relation to an EEA insurer if—
i
a provisional liquidator was appointed in relation to that insurer before the relevant date, and
ii
that appointment continues in force until immediately before that winding up order is made;
b
the winding up of an EEA insurer after the relevant date pursuant to a winding up order which was made, and has not been discharged, before that date.
3
Paragraph (1)(b) does not prevent a provisional liquidator of an EEA insurer appointed before the relevant date from acting in relation to that insurer after that date.
4
Paragraph (1)(c) does not prevent an administrator appointed before the relevant date from acting after that date in a case in which the administration order under which he or his predecessor was appointed remains in force after that date.
5
An administrator may not, in relation to an EEA insurer, be appointed under paragraphs 14 or 22 of Schedule B1.
6
A proposed voluntary arrangement shall not have effect in relation to an EEA insurer if a decision, under section 4 of the 1986 Act or Article 17 of the 1989 Order, with respect to the approval of that arrangement was made after the relevant date.
7
Section 377 of the 2000 Act (reducing the value of contracts instead of winding up) does not apply in relation to an EEA insurer.
8
An order under section 253 of the Enterprise Act 2002 (application of insolvency law to a foreign company) may not provide for any of the following provisions of the 1986 Act to apply in relation to an EEA insurer—
a
Part I (company voluntary arrangements);
b
Part II (administration);
c
Chapter VI of Part IV (winding up by the Court).
9
In this regulation and regulation 5, “relevant date” means 20th April 2003.