Insurance Companies Act 1982 (repealed)
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Change 1
40A Prohibition on disposal of assets.
(1) If on the application of the Treasury it appears to the court that any of the grounds set out in section 37(3) above are established in relation to a UK company, the court may grant an injunction restraining, or in Scotland an interdict prohibiting, the company from disposing of or otherwise dealing with any of its assets to the value of its EC liabilities. (2) Where a court makes an order under subsection (1) above, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as are necessary to enable the Treasury to perform their functions under this Act. (3) The jurisdiction conferred by this section shall be exercisable by the High Court and the Court of Session. (4) In this section “EC liabilities” has the same meaning as in section 39 above.
40A Prohibition on disposal of assets.
(1) If on the application of the Treasury it appears to the court that any of the grounds set out in section 37(3) above are established in relation to a UK company, the court may grant an injunction restraining, or in Scotland an interdict prohibiting, the company from disposing of or otherwise dealing with any of its assets to the value of its EC liabilities. (2) Where a court makes an order under subsection (1) above, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as are necessary to enable the Treasury to perform their functions under this Act. (3) The jurisdiction conferred by this section shall be exercisable by the High Court and the Court of Session. (4) In this section “EC liabilities” has the same meaning as in section 39 above.
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