Paragraph 16 Removal of auditor on improper grounds

(1)

Where an auditor of a syndicate is removed from office an application may be made to the High Court under this paragraph.

(2)

The persons who may make such an application are—

(a)

any member of the syndicate who was a member at the time the auditor was removed;

(b)

the Society of Lloyd's; or

(c)

the Authority.

(3)

If the Court is satisfied that the removal was—

(a)

on grounds of divergence of opinion on accounting treatments or audit procedures; or

(b)

on any other improper grounds,

it may make such order as it thinks fit for giving relief in respect of the removal.

(4)

The Court may, in particular—

(a)

declare that any decision to remove an auditor, or to appoint a new auditor in place of the auditor, is void;

(b)

require the members of the syndicate to re-appoint the auditor; and

(c)

give directions as to the conduct of the syndicate's affairs in the future.

Notes on the whole SI

F1: Regulations revoked (14.12.2023 for the revocation of reg. 32) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(i)