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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 18 July 2020 - onwards
Version 7 of 7

Regulation 8 Moratorium

(1) Except with the permission of the court, for the period during which a Lloyd's market reorganisation order is in force, no proceedings or other legal process may be commenced or continued against:

(a) an affected market participant;

(b) the Society; or

(c) a subsidiary of the Society to which the order applies.

(2) In paragraph (1),

(a) "court" means in England and Wales the High Court, in Northern Ireland the High Court and in Scotland the Court of Session; and

(b) "proceedings" means proceedings of every description and includes:

(i) a petition under section 124 or 124A of the 1986 Act or Article 104 or 104A of the 1989 Order for the appointment of a liquidator or provisional liquidator;

(ii) an application under section 252 of the 1986 Act or Article 226 of the 1989 Order for an interim order;

(iii) an application or a petition for a bankruptcy order under Part 9 of the 1986 Act or Part 9 of the 1989 Order; and