{
  "url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-lloyds-regulations-2005/regulation-47",
  "json_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-lloyds-regulations-2005/regulation-47.json",
  "legislation": "uksi/2005/1998",
  "legislation_title": "The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005",
  "legislation_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-lloyds-regulations-2005",
  "path": "regulation/47",
  "kind": "regulation",
  "number": "47",
  "heading": "Application of Part 5 of the principal Regulations: protection of dispositions etc. made before a Lloyd's market reorganisation order comes into force",
  "text": "(1) This regulation applies where—\n(a) a member or former member is subject to a reorganisation or insolvency measure on the date when a Lloyd's market reorganisation order comes into force; and\n(b) Part 5 of the principal Regulations applies in relation to that reorganisation or insolvency measure by virtue of regulation 45 above.\n(2) Nothing in Part 5 of the principal Regulations affects the validity of any payment or disposition made, or any settlement agreed, by the relevant officer before the date when the Lloyd's market reorganisation order came into force.\n(3) For the purposes of the application of Part 5 of the principal Regulations, the insolvent estate of the member does not include any assets which are subject to a relevant compromise or arrangement, a relevant individual voluntary arrangement, or a relevant trust deed for creditors.\n(4) In paragraph (2) “relevant officer” means—\n(a) where the member is subject to a voluntary arrangement in accordance with section 4A of the 1986 Act or Article 17A of the 1989 Order, the supervisor;\n(b) where the member is in administration in accordance with Schedule B1 or with Schedule B1 to the 1989 Order, the administrator;\n(c) where a provisional liquidator has been appointed in relation to a member in accordance with section 135 of the 1986 Act or Article 115 of the 1989 Order, the provisional liquidator;\n(d) where the member is being wound up under Part 4 of the 1986 Act or Part 5 of the 1989 Order, the liquidator;\n(e) where the member has made a voluntary arrangement in accordance with Part 8 of the 1986 Act or Part 8 of the 1989 Order, the nominee;\n(f) where the member is bankrupt within the meaning of Part 9 of the 1986 Act or Part 9 of the 1989 Order, the official receiver or trustee in bankruptcy;\n(g) where the member is being sequestrated, the interim or permanent trustee; and\n(h) where a trust deed for creditors has been granted, the trustee.\n(5) For the purposes of paragraph (3)—\n(a) “assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order, except in relation to relevant trust deeds;\n(b) “insolvent estate” in England and Wales and Northern Ireland has the meaning given by Rule 1.2 of the Insolvency Rules or Rule 0.2 of the Insolvency Rules (Northern Ireland), and in Scotland means the assets of the member;\n(c) “relevant compromise or arrangement” means—\n(i) a compromise or arrangement—\n(aa) sanctioned by the court under section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act),\n(bb) sanctioned by the court under Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order), or\n(cc) which is a compromise or arrangement under section 899 or section 901F,\nthat was sanctioned by the court before the date on which an application for a Lloyd’s market reorganisation order was made, or\n(ii) any subsequent compromise or arrangement—\n(aa) sanctioned by the court as mentioned in sub–paragraph (aa) or (bb) of paragraph (i), or\n(bb) which is a compromise or arrangement under section 899 or section 901F,\nthat was sanctioned by the court to amend or replace a compromise or arrangement of the kind mentioned in paragraph (i);\n(d) “relevant individual voluntary arrangement” means—\n(i) an individual voluntary arrangement approved under Part 8 of the 1986 Act or Part 8 of the 1989 Order before the date when a Lloyd's market reorganisation order came in to force, and\n(ii) any subsequent individual voluntary arrangement sanctioned by the court to amend or replace an arrangement of the kind mentioned in paragraph (i); and\n(e) “relevant trust deed” means a trust deed granted by a member or former member before the date when the Lloyd's market reorganisation order entered into force.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 47(3) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 27(13)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 47(4)(b) inserted (6.4.2007) by The Insurers (Reorganisation and Winding Up)(Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 3(17)(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in reg. 47(5)(b) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 6(8)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Reg. 47(5)(c) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 27(13)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Reg. 47(5)(c)(i)(cc) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 16(9)(a)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Reg. 47(5)(c)(ii)(bb) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 16(9)(b)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in reg. 47(5)(d)(i) added (6.4.2007) by The Insurers (Reorganisation and Winding Up)(Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 3(17)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/1998/regulation/47",
    "retrieved_at": "2026-10-29T04:55:38.752001+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}