(1) Subject to paragraph (2), regulations 19 to 27 apply in the winding up of a UK insurer where -

(a) in the case of a winding up by the court, the winding up order is made on or after 20th April 2003; or

(b) in the case of a creditors' voluntary winding up, the liquidator is appointed, as mentioned in section 100 of the 1986 Act, paragraph 83 of Schedule B1, paragraph 84 of Schedule B1 to the 1989 Order or Article 86 of the 1989 Order, on or after 20th April 2003.

(2) Where a relevant compromise or arrangement is in place,

(a) no winding up proceedings may be opened without the permission of the court, and

(b) the permission of the court is to be granted only if required by the exceptional circumstances of the case.

(3) For the purposes of paragraph (2), winding up proceedings include proceedings for a winding up order or for a creditors' voluntary liquidation with confirmation by the court.