Regulation 175 Application for court order sanctioning transfer scheme

(1)

An application may be made to the court for an order sanctioning a transfer scheme.

(2)

An application may be made by—

(a)

the transferor;

(b)

the transferee;

(c)

where the transferor is a protected cell company and the core of the protected cell company is in administration or liquidation, the administrator or liquidator; or

(d)

any combination of the above persons.

(3)

“Court” means—

(a)

the High Court; or

(b)

in Scotland, the Court of Session.

(4)

The following are entitled to be heard on an application—

(a)

the FCA;

(b)

the PRA; and

(c)

any person who alleges that they would be adversely affected by the transfer scheme.

(5)

The court may make an order sanctioning a transfer scheme provided it is appropriate to sanction the scheme in all the circumstances of the case.

(6)

The court may not determine an application—

(a)

where the applicant has failed to comply with the requirements in paragraphs (3) and (4) of regulation 173; and

(b)

until after the end of a period of 15 working days beginning with the day the FCA and PRA were given the documents mentioned in paragraph (4) of regulation 173 (or if the FCA and PRA were given the documents on different dates, the later of the two dates).

(7)

But the court may waive the requirements of the following provisions in such circumstances and subject to such conditions as the court considers appropriate—

(a)

sub-paragraphs (ii) and (iii) of regulation 173(3)(a); and

(b)

paragraph (4) of regulation 173 in relation to any person other than the FCA and the PRA.