A level playing field
The Financial Service and Market Act 2000 has changed the administration process for insurers and reinsurers across Europe. Geraldine Quirk and Charles Gordon look at the potential changes which could now come to fruition
Since the 1986 Insolvency Act, insurance and reinsurance companies were the only companies unable to take advantage of the administration order procedure, introduced by the Act to promote a ‘rescue culture’ in the UK. As a result, a practice has developed using the appointment of provisional liquidators to obtain, by a different route, the protection which would be conferred by an administration order.
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