Insurance Companies Act 1982 (repealed)
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Change 1
54 Winding up on petition of Treasury.
(1) The Treasury may present a petition for the winding up, in accordance with Part IV or V of the Insolvency Act 1986, of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of that Act, on the ground— (a) that the company is unable to pay its debts within the meaning of sections 123 or sections 222 to 224 of that Act; (b) that the company has failed to satisy an obligation to which it is or was subject by virtue of this Act or any enactment repealed by this Act or by the Insurance Companies Act 1974; or (bb) that the company is a UK company and has failed to satisfy an obligation to which it is subject by virtue of any provision of the law of another EEA State which— (i) gives effect to the general or long term insurance Directives; or (ii) is otherwise applicable to the insurance activities of the company in that State; (c) that the company, being under the obligation imposed by sections 221 and 222 of the Companies Act with respect to the keeping of accounting records, has failed to satisfy that obligation or to produce records kept in satisfaction of that obligation and that the Treasuryareunable to ascertain its financial position. (2) The Treasury may present a petition for the winding up, in accordance with the Part V or VI of the Insolvency (Northern Ireland) Order 1989, of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of that Act, on the ground— (a) that the company is unable to pay its debts within the meaning of Article 103 or Articles 186 to 188 of that Order (b) that the company has failed to satisfy an obligation to which it is or was subject by virtue of this Act or any enactment repealed by this Act or by the Insurance Companies Act 1980; or (bb) that the company is a UK company and has failed to satisfy an obligation to which it is subject by virtue of any provision of the law of another EEA State which— (i) gives effect to the general or long term insurance Directives; or (ii) is otherwise applicable to the insurance activities of the company in that State; (c) that the company, being under an obligation imposed by Articles 229 to 231 of thePart V or VI of the Insolvency (Northern Ireland) Order 1989 with respect to the keeping of accounting records, has failed to satisfy that obligation or to produce records kept in satisfaction of that obligation and that the Treasuryare unable to ascertain its financial position; and Article 433 of the said Order of 1986 shall have effect in relation to such an insurance company as if any reference to the Department of Commerce for Northern Ireland were a reference to the Treasury. (3) In any proceedings on a petition to wind up an insurance company presented by the Treasury under subsection (1) of (2) above, evidence that the company was insolvent— (a) at the close of the period to which— (i) the accounts and balance sheet of the company last deposited under section 22 above; or (ii) any statement of the company last deposited under section 25 above, relate; or (b) at any date or time specified in a requirement under section 42 or 44 above, shall be evidence that the company continues to be unable to pay its debts, unless the contrary is proved. (4) If, in the case of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of the Insolvency Act 1986 or, as the case may be, the Insolvency (Northern Ireland) Order 1989, it appears to the Treasury that it is expedient in the public interest that the company should be wound up, the Treasury may, unless the company is already being wound up by the court, present a petition for it to be so wound up if the court thinks it just and equitable for it to be so wound up. (4A) The Secretary of State may exercise the powers conferred on the Treasury by subsections (1) to (4) above, and for this purpose those subsections shall be construed as if references to the Treasury were references to the Secretary of State. (5) Where a petition for the winding up of an insurance company to which this Part of this Act applies is presented by a person other than the Treasury, a copy of the petition shall be served on theTreasury and they shall be entitled to be heard on the petition.
54 Winding up on petition of Treasury.
(1) The Treasury may present a petition for the winding up, in accordance with Part IV or V of the Insolvency Act 1986, of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of that Act, on the ground— (a) that the company is unable to pay its debts within the meaning of sections 123 or sections 222 to 224 of that Act; (b) that the company has failed to satisy an obligation to which it is or was subject by virtue of this Act or any enactment repealed by this Act or by the Insurance Companies Act 1974; or (bb) that the company is a UK company and has failed to satisfy an obligation to which it is subject by virtue of any provision of the law of another EEA State which— (i) gives effect to the general or long term insurance Directives; or (ii) is otherwise applicable to the insurance activities of the company in that State; (c) that the company, being under the obligation imposed by sections 221 and 222 of the Companies Act with respect to the keeping of accounting records, has failed to satisfy that obligation or to produce records kept in satisfaction of that obligation and that the Treasuryareunable to ascertain its financial position. (2) The Treasury may present a petition for the winding up, in accordance with the Part V or VI of the Insolvency (Northern Ireland) Order 1989, of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of that Act, on the ground— (a) that the company is unable to pay its debts within the meaning of Article 103 or Articles 186 to 188 of that Order (b) that the company has failed to satisfy an obligation to which it is or was subject by virtue of this Act or any enactment repealed by this Act or by the Insurance Companies Act 1980; or (bb) that the company is a UK company and has failed to satisfy an obligation to which it is subject by virtue of any provision of the law of another EEA State which— (i) gives effect to the general or long term insurance Directives; or (ii) is otherwise applicable to the insurance activities of the company in that State; (c) that the company, being under an obligation imposed by Articles 229 to 231 of thePart V or VI of the Insolvency (Northern Ireland) Order 1989 with respect to the keeping of accounting records, has failed to satisfy that obligation or to produce records kept in satisfaction of that obligation and that the Treasuryare unable to ascertain its financial position; and Article 433 of the said Order of 1986 shall have effect in relation to such an insurance company as if any reference to the Department of Commerce for Northern Ireland were a reference to the Treasury. (3) In any proceedings on a petition to wind up an insurance company presented by the Treasury under subsection (1) of (2) above, evidence that the company was insolvent— (a) at the close of the period to which— (i) the accounts and balance sheet of the company last deposited under section 22 above; or (ii) any statement of the company last deposited under section 25 above, relate; or (b) at any date or time specified in a requirement under section 42 or 44 above, shall be evidence that the company continues to be unable to pay its debts, unless the contrary is proved. (4) If, in the case of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of the Insolvency Act 1986 or, as the case may be, the Insolvency (Northern Ireland) Order 1989, it appears to the Treasury that it is expedient in the public interest that the company should be wound up, the Treasury may, unless the company is already being wound up by the court, present a petition for it to be so wound up if the court thinks it just and equitable for it to be so wound up. (4A) The Secretary of State may exercise the powers conferred on the Treasury by subsections (1) to (4) above, and for this purpose those subsections shall be construed as if references to the Treasury were references to the Secretary of State. (5) Where a petition for the winding up of an insurance company to which this Part of this Act applies is presented by a person other than the Treasury, a copy of the petition shall be served on theTreasury and they shall be entitled to be heard on the petition.
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