Article 3 The Insurers (Winding Up) (Scotland) Rules 2001

The Insurers (Winding Up) (Scotland) Rules 2001^f1 are amended as follows.

In rule 2(1) (interpretation), in the definition of “the principal rules”, for “the Insolvency (Scotland) Rules 1986^f2” substitute “the Insolvency (Scotland) (Receivership and Winding up) Rules 2018^f3”.

In rule 18 (caution for long-term and other business), for “rule 4.70” substitute “rule 5.42”.

For rule 22(2) (dividends to creditors) substitute—

“(2)

Chapter 6 of Part 7 of the principal rules (distribution of company’s assets by the liquidator) applies as though—

(a)

the assets of the company which are available for meeting the liabilities of the company attributable to its long-term business and those liabilities, and

(b)

the assets of the company which are available for meeting the liabilities of the company attributable to its other business and those liabilities,

were the assets and liabilities of separate companies.”.

In rule 24(1) (apportionment of expenses of liquidation), for “rule 4.67 of the principal rules (appointment and remuneration)” substitute “rule 7.28 of the principal rules (order of priority of expenses of liquidation)”.