Regulation 19 Application of this Part: certain assets excluded from insolvent estate of UK insurerF5

United Kingdom

(1)

For the purposes of this Part, the insolvent estate of a UK insurer shall not include any assets which at the commencement date are subject to F1a relevant compromise or arrangement.

(2)

In this regulation—

(a)

“assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order;

(b)

“commencement date” has the meaning given in F2regulation 18(5);

(c)

“insolvent estate”—

(i)

in England, Wales and Northern Ireland has the meaning given by F3rule 1.2 of the Insolvency Rules or Rule 0.2 of the Insolvency Rules (Northern Ireland), and

(ii)

in Scotland means the company’s assets;

F4(d)

“relevant compromise or arrangement” means—

(i)

a compromise or arrangement sanctioned by the court in relation to a UK insurer before 20th April 2003 under—

(aa)

section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or

(bb)

Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order); or

(ii)

any subsequent compromise or arrangement sanctioned by the court to amend or replace a compromise or arrangement of a kind mentioned in paragraph (i) which is—

(aa)

itself of a kind mentioned in sub-paragraph (aa) or (bb) of paragraph (i) (whether sanctioned before, on or after 20th April 2003), or

(bb)

a section 899 compromise or arrangement.

Annotations

Textual amendments

F1: Words in reg. 19(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 23(6)(a)
F2: Words in reg. 19(2)(b) substituted (10.8.2005) by The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 (S.I. 2005/1998), regs. 1, 49 (with reg. 32)
F3: Words in reg. 19(2)(c)(i) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 4(6)
F4: Reg. 19(2)(d) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 23(6)(b)
F5: Words in reg. 19 heading substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 23(5)

Notes on Part IV

Modifications

C1: Pt. IV applied (with modifications) (10.8.2005) by The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 (S.I. 2005/1998), regs. 1, 40(1)-(11) (with reg. 32) (as amended by S.I. 2018/208, regs. 1(3), 10(10) (with reg. 21); S.I. 2019/755, regs. 1, 6(6))