(1) This rule applies in the case of a company carrying on long-term business.

(2) Chapter 3 of Part 14 of the principal rules (distribution to creditors in winding up) applies as though -

(a) the assets of the company which are available for meeting the liabilities of the company attributable to its long-term business and those liabilities, and

(b) the assets of the company which are available for meeting the liabilities of the company attributable to its other business and those liabilities, were the assets and liabilities of separate companies.

(3) The court may, at any time before the making of a stop order, permit a dividend to be declared and paid on such terms as thinks fit in respect only of debts which fell due to payment before the liquidation date or, in the case of claims under long-term policies, which have fallen due for payment on or after the liquidation date.