# The Insurers (Reorganisation and Winding Up) Regulations 2003, Regulation 14: Reports to creditors


(1) This regulation applies where, on or after 20th April 2003—
(a) a liquidator is appointed in accordance with section 100 of the 1986 Act or Article 86 of the 1986 Order (creditors' voluntary winding up: appointment of liquidator);
(b) a winding up order is made by the court; or
(c) a provisional liquidator is appointed.
(2) The liquidator or provisional liquidator (as the case may be) must send a report once in every 12 months beginning with the date when his appointment has effect to every known creditor.
(3) The requirement in paragraph (2) does not apply where a liquidator or provisional liquidator is required by order of the court to send a report to creditors at intervals which are more frequent than those required by this regulation.
(4) This regulation is without prejudice to any requirement to send a report to creditors, imposed by the court on the liquidator or provisional liquidator, which is supplementary to the requirements of this regulation.
(5) A liquidator or provisional liquidator commits an offence if he fails without reasonable excuse to comply with an applicable requirement under this regulation, and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(6) For the purposes of this regulation—
(a) “known creditor” means—
(i) a creditor who is known to the liquidator or provisional liquidator, and
(ii) in a case falling within paragraph (1)(b) or (c), a creditor who is specified in the insurer’s statement of affairs (within the meaning of section 131 of the 1986 Act or Article 111 of the 1989 Order).
(b) “report” means a written report setting out the position generally as regards the progress of the winding up or provisional liquidation (as the case may be).

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Source: https://www.legislation.gov.uk/uksi/2003/1102/regulation/14 (the official version)
Page: https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.