{
  "url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003/regulation-57",
  "json_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003/regulation-57.json",
  "legislation": "uksi/2003/1102",
  "legislation_title": "The Insurers (Reorganisation and Winding Up) Regulations 2003",
  "legislation_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003",
  "path": "regulation/57",
  "kind": "regulation",
  "number": "57",
  "heading": "Meetings of creditors",
  "text": "(1) Rule 24 of the Winding Up Rules (meetings of creditors) is amended as follows.\n(2) For paragraph (1) substitute—\n“(1) In the case of a company carrying on long-term business in whose case no stop order has been made, the creditors entitled to participate in creditors' meetings may be—\n(a) in relation to the long-term business assets of the company, only those who are creditors in respect of liabilities attributable to the long-term business of the company; and\n(b) in relation to the other business assets of the company, only those who are creditors in respect of liabilities attributable to the other business of the company.\n(1A) In a case where separate general meetings of the creditors are summoned by the liquidator pursuant to—\n(a) paragraph (1) above; or\n(b) regulation 28 of the Insurers (Reorganisation and Winding Up) Regulations 2003 (composite insurers: general meetings of creditors),\nchapter 8 of Part 4 and Part 8 of the principal rules apply to each such separate meeting.”.\n(3) After paragraph (2) insert—\n“(3) In paragraph (1)—\n“long-term business assets” means the assets representing the fund or funds maintained by the company in respect of its long-term business;\n“other business assets” means any assets of the company which are not long-term business assets.”.\n(4) Rule 23 of the Winding Up (Scotland) Rules is amended as follows.\n(5) For paragraph (1) substitute—\n“(1) In the case of a company carrying on long-term business in whose case no stop order has been made, the creditors entitled to participate in creditors' meetings may be—\n(a) in relation to the long-term business assets of the company, only those who are creditors in respect of liabilities attributable to the long-term business of the company; and\n(b) in relation to the other business assets of the company, only those who are creditors in respect of liabilities attributable to the other business of the company.\n(1A) In a case where separate general meetings of the creditors are summoned by the liquidator pursuant to—\n(a) paragraph (1) above; or\n(b) regulation 29 of the Insurers (Reorganisation and Winding Up) Regulations 2003 (composite insurers: general meetings of creditors),\nchapter 4 (meetings of creditors) and rule 4.31 (final meeting) of Part 4 and Chapters 1 and 2 of Part 7 (meetings and proxies and company representation) of the principal rules apply to each such separate meeting.”.\n(6) After paragraph (2) insert—\n“(3) In paragraph (1)—\n“long-term business assets” means the assets representing the fund or funds maintained by the company in respect of its long-term business;\n“other business assets” means any assets of the company which are not long-term business assets.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2003/1102."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "S.I. 2003/1102."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2003/1102/regulation/57",
    "retrieved_at": "2026-10-29T06:25:30.029094+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."
}