Regulation 34 Application of this Part
This Part applies as follows—
where a decision with respect to a proposed voluntary arrangement having a qualifying purpose is made under section 4A of the 1986 Act on or after 20th April 2003 in relation to a UK insurer;
where an administration order made under section 8 of the 1986 Act or Article 21 of the 1989 Order on or after 20th April 2003 is in force in relation to a UK insurer;
where on or after 20th April 2003 the court reduces the value of one or more of the contracts of a UK insurer under section 377 of the 2000 Act or section 24(5) of the Friendly Societies Act 1992;
where a UK insurer is subject to a relevant winding up;
where a provisional liquidator is appointed in relation to a UK insurer on or after 20th April 2003.
For the purposes of paragraph (1), a voluntary arrangement has a qualifying purpose if it—
varies the rights of the creditors as against the insurer and is intended to enable the insurer, and the whole or any part of its undertaking, to survive as a going concern; or
includes a realisation of some or all of the assets of the insurer to which the compromise or arrangement relates and the distribution of the proceeds to creditors, with a view to terminating the whole or any part of the business of that insurer.
For the purposes of paragraph (1)(d), a winding up is a relevant winding up if—
in the case of a winding up by the court, the winding up order is made on or after 20th April 2003; or
in the case of a creditors' voluntary winding up, the liquidator is appointed in accordance with section 100 of the 1986 Act or Article 86 of the 1989 Order on or after 20th April 2003.