# Corporation Tax Act 2009, Section 323B: Insurers in financial difficulties: write-down orders


(1) Subsection (2) applies if a debtor relationship of a company is modified by a write-down order.
(2) The company is not required to bring into account for the purposes of this Part a credit in respect of any change in the carrying value of the liability representing the modified debtor relationship.
(3) If as a result of subsection (2) no credit was brought into account in respect of a change in the carrying value of a liability representing a debtor relationship, the company may not bring into account a debit for the purposes of this Part in respect of a change in the carrying value of that liability, to the extent that the change represents a reversal of the change in carrying value to which subsection (2) applied.
(4) In this section “write-down order” means an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/323B (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-323B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.