Section 377A(2)

The court may make a write-down order in relation to an insurer if it is satisfied that— the insurer is, or is likely to become, unable to pay its debts (within the meaning given to that expression by section 123 of the 1986 Act or Article 103 of the 1989 Order), and making the order is reasonably likely to lead to a better outcome for the insurer’s policyholders and other creditors (taken as a whole) than not making the order.

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Source: legislation.gov.uk · retrieved 2026-09-04