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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Treatment of Assets of Insurers on Winding Up) Regulations 2001 URL: http://www.bailii.org/uk/legis/num_reg/2001/20012968.html |
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| Made | 23rd August 2001 | ||
| Laid before Parliament | 24th August 2001 | ||
| Coming into force in accordance with regulation 1 |
Treatment of assets
3.
- (1) Where an insurer is being wound up -
(2) Where the value of the assets mentioned in either sub-paragraph of paragraph (1) exceeds the amount of the liabilities mentioned in that sub-paragraph, the restriction imposed by that paragraph does not apply to so much of those assets as represents the excess.
General meetings of creditors
4.
In relation to the assets falling within either sub-paragraph of regulation 3(1), the creditors mentioned in section 168(2) of the Insolvency Act 1986[4] or, as the case may be, Article 143(2) of the Insolvency (Northern Ireland) Order 1989[5] are to be only those who are creditors in respect of liabilities falling within that sub-paragraph; and, accordingly, any general meetings of creditors summoned for the purposes of that section (or, as the case may be, that Article) are to be separate general meetings of the creditors in respect of the liabilities falling within each sub-paragraph.
John Heppell
Tony McNulty
Two of the Lords Commisioners of Her Majesty's Treasury
23rd August 2001
[5] S.I. 1989/2405 (N.I. 19).back
