(1) The court may make an order declaring that there is no prohibition against the commencement of any proceedings under the law of insolvency of the United Kingdom in relation to the relevant EEA insurer or any branch of that insurer.

(2) An application for an order under paragraph (1) may be made -

(a) by the Bank of England ("the Bank") on the ground that the condition specified in regulation 14(1)(a) is met; or

(b) on the ground that one or more of the conditions specified in regulation 14(1)(b) and (c) are met -

(i) by the scheme manager (within the meaning given by section 212(1) of the Financial Services and Markets Act 2000 [2000 c. 8.]);

(ii) by a UK creditor of the relevant EEA insurer.

(3) In paragraph (1) -

(a) the reference to the law of insolvency of the United Kingdom is to be construed in accordance with regulation 2(3) of the 2004 Regulations; and