PART 4Transitional provision

Transitional provision for regulation 10

21.—(1) Where a relevant meeting is to be held in proceedings relating to a proposal for an individual voluntary arrangement, where the interim order under section 252 of the 1986 Act is made on the application of an individual member or former member, the Reorganisation Regulations apply in relation to the meeting without the amendments made by regulation 10(2), (8), (9) and (10)(b).

(2) Where a relevant meeting is to be held in bankruptcy proceedings under Part 9 of the 1986 Act in respect of an individual member or former member, regulation 40 of the Reorganisation Regulations applies in relation to the meeting without the amendment made by regulation 10(10)(a).

(3) In this regulation—

“former member” and “individual member” have the meaning given in regulation 2(1) of the Reorganisation Regulations; and

“the Reorganisation Regulations” means the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005.