377C. Application for a write-down order

(1) An application to the court for a write-down order in relation to an insurer may be made only by -

(a) the Treasury;

(b) the PRA;

(c) the insurer;

(d) a shareholder of the insurer;

(e) a policyholder or other creditor (including a contingent or prospective creditor) of the insurer.

(2) An application for a write-down order may not be withdrawn without the permission of the court.

(3) A person other than the PRA or the Treasury -

(a) must obtain the consent of the PRA before making an application for a write-down order;

(b) must notify the PRA before seeking the court's permission to withdraw an application for a write-down order.

(4) Consent under subsection (3) -

(a) must be in writing, and

(b) must be filed with the court with the relevant application.

(5) The PRA must consult the FCA before -

(a) making an application for a write-down order, or

(b) giving or refusing consent for a person to make an application for a write-down order.