Section 377I Variation or revocation of a write-down orderF1

(1)

The court may, by order—

(a)

revoke a write-down order, or

(b)

vary (or further vary) a write-down order.

(2)

Section 377A (2)(b) applies to the making of an order under this section as it applies to the making of the write-down order.

(3)

In varying (or further varying) a write-down order the court may, in particular—

(a)

remove one or more of the insurer’s liabilities from the scope of the order (but removing all such liabilities from the scope of the order takes effect as a termination of the order);

(b)

bring one or more of the insurer’s liabilities within the scope of the order (on such terms as the court may specify);

(c)

further reduce the value of one or more of the insurer’s liabilities;

(d)

increase the value of one or more of the insurer’s liabilities to any amount less than the value the liability had before the write-down order took effect;

(e)

vary any term specified in the order, including the period for which a reduction in the value of a liability has effect;

(f)

make any other order that the court thinks appropriate.

(4)

Sections 377C to 377F apply to an application for an order under this section as they apply to an application for a write-down order but with the following modifications—

(a)

section 377C (1) applies as if the list of persons entitled to make an application included—

(i)

the FCA;

(ii)

the scheme manager of the Financial Services Compensation Scheme (see section 212(1));

(iii)

a person appointed under section 377G to act as the manager of the write-down order;

(b)

if the person making the application is the scheme manager of the Financial Services Compensation Scheme, section 377C (3) does not apply.

(5)

The scheme manager of the Financial Services Compensation Scheme must consult the FCA and the PRA before making an application to vary or revoke a write-down order.

(6)

Where a provisional liquidator of the insurer has been appointed under section 135 of the 1986 Act or Article 115 of the 1989 Order, a person appointed to act as the manager of a write-down order must obtain the consent of the provisional liquidator before making an application for an order under this section.

Annotations

Textual amendments

F1: Ss. 377A-377J inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 1(4)

Notes on Part XXIV

Modifications

C1: Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)
C2: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
C3: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))