[377A Write-down orders]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[377A  Write-down orders]

[(1)     A “write-down order” is an order of the court directing that the value of one or more of an insurer's liabilities is reduced on such terms as may be specified in the order.

(2)     The court may make a write-down order in relation to an insurer if it is satisfied that—

(a)     the insurer is, or is likely to become, unable to pay its debts (within the meaning given to that

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