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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 March 2018 - onwards
Version 4 of 4

Regulation 16 Reorganisation controller's powers: individual voluntary arrangements in respect of a member

(1) The reorganisation controller is entitled to be heard on an application under section 253 of the 1986 Act (or Article 227 of the 1989 Order) by an individual member or former member.

(2) When considering such an application the court shall have regard to the objectives of the Lloyd's market reorganisation order.

(3) Paragraphs (3A) to (7) apply if an interim order is made on the application of such a person.

(3A) Notice of the creditors' decision procedure given under section 257(2B) [Subsection (2B) was inserted by the Small Business, Enterprise and Employment Act 2015, section 126 and Schedule 9, paragraphs 60 and 64(1) and (2).] of the 1986 Act must also be given to the reorganisation controller.

(3B) The reorganisation controller is entitled to participate (but not vote) in the creditors' decision procedure specified by that notice.

(4) The reorganisation controller, or a person appointed by him for that purpose, may attend any meeting of creditors of the member or former member summoned under Article 231 of the 1989 Order (summoning of creditors meeting).