Regulation 4 Grounds of entitlement to compensation—Compensating authority

Subject to the provisions of these regulations, any person to whom these regulations apply shall be entitled to have his case considered for the payment of compensation under these regulations, and such compensation shall be determined in accordance with these regulations.

Compensation for attributable loss suffered by a person to whom these regulations apply shall be payable by the Holding Company or, as respects any period after the dissolution of the Holding Company, by such person as may be designated by the Secretary of State by order under section 2(6) of the Act as being the person to whom the liabilities of the Holding Company under section 2(4) of the Act have been transferred in pursuance of section 53 of the Act of 1968, and whichever of them the Holding Company or person aforesaid is required by this regulation to pay such compensation is referred to in these regulations as “the compensating authority”.