PART 2U.K.LLOYD'S MARKET REORGANISATION ORDER

Reorganisation controller's powers: individual voluntary arrangements in respect of a memberU.K.

16.—(1) The reorganisation controller is entitled to be heard on an application under section 253 of the 1986 Act (or Article 227 of the 1989 Order) by an individual member or former member.

(2) When considering such an application the court shall have regard to the objectives of the Lloyd's market reorganisation order.

(3) [F1Paragraphs (3A)] to (7) apply if an interim order is made on the application of such a person.

[F2(3A) Notice of the creditors’ decision procedure given under section 257(2B) of the 1986 Act must also be given to the reorganisation controller.

(3B) The reorganisation controller is entitled to participate (but not vote) in the creditors’ decision procedure specified by that notice.]

(4) The reorganisation controller, or a person appointed by him for that purpose, may attend any meeting of creditors of the member or former member summoned under [F3Article 231 of the 1989 Order] (summoning of creditors meeting).

(5) Notice of the result of a meeting so summoned must be given [F4in writing] to the reorganisation controller by the chairman of the meeting.

(6) The reorganisation controller may apply to the court under section 262 (challenge of [F5creditors’] decision) or 263 (implementation and supervision of approved voluntary arrangement) of the 1986 Act (or Article 236 or 237 or the 1989 Order).

(7) If a person other than the reorganisation controller makes an application to the court under any provision mentioned in paragraph (6), the reorganisation controller is entitled to be heard at any hearing relating to the application.

Textual Amendments