Regulation 21 Reorganisation controller's powers: receivership in relation to members

United Kingdom

(1)

This regulation applies if a receiver has been appointed in relation to a member or former member.

(2)

The reorganisation controller may be heard on an application made under section 35 or 63 of the 1986 Act (or Article 45 of the 1989 Order).

(3)

The reorganisation controller may make an application under section 41(1)(a) or 69(1)(a) of the 1986 Act (or Article 51(1)(a) of the 1989 Order).

(4)

A report under section 48(1) or 67(1) of the 1986 Act (or Article 58(1) of the 1989 Order) must be sent by the person making it to the reorganisation controller.

(5)

The reorganisation controller, or a person appointed by him for the purpose, may—

(a)

attend any meeting of creditors of the member or former member summoned under any enactment;

(b)

attend any meeting of a committee established under section 49 or 68 of the 1986 Act (or F1Article 59 of the 1989 Order);

(c)

attend any meeting of a committee of creditors of a member or former member in Scotland; and

(d)

make representations as to any matter for decision at such a meeting.

(6)

Where an administration application is made in respect of a member by the reorganisation controller (and there is an administrative receiver, or in Scotland a receiver, of that member), paragraph 39 of Schedule B1 F2or paragraph 40 of Schedule B1 to the 1989 Order does not require the court to dismiss the application if it thinks that-

(a)

the objectives of the Lloyd's market reorganisation order are more likely to be achieved by the appointment of an administrator than by the appointment or continued appointment of a receiver in respect of that member, and

(b)

the interests of the person by or on behalf of whom the receiver was appointed will be adequately protected.

Annotations

Textual amendments

F1: Words in reg. 21(5)(b) substituted (6.4.2007) by The Insurers (Reorganisation and Winding Up)(Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 3(10)(a)
F2: Words in reg. 21(6) inserted (6.4.2007) by The Insurers (Reorganisation and Winding Up)(Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 3(10)(b)