Regulation 25 Insufficiency of long term business assets and general business assets
(1) This regulation applies in the case of the winding up of a non-transferring composite insurer where the long term business assets and the general business assets, applied in accordance with regulation 22, are insufficient to meet in full the preferential debts and insurance debts.
(2) In a case in which this regulation applies, the other assets (if any) of the insurer must be applied in the following order of priority -
(a) outstanding preferential debts;
(b) unattributed preferential debts;