Regulation 20 Preferential debts: disapplication of section 175 of the 1986 Act or Article 149 of the 1989 Order
Except to the extent that they are applied by regulation 27, section 175 of the 1986 Act or Article 149 of the 1989 Order (preferential debts (general provision)) does not apply in the case of a winding up of a UK insurer, and instead the provisions of regulations 21 to 26 have effect.
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))