Vol 19 (2022) - Issue 4

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UK Recognition of Insolvency Proceedings of Gibraltar Insurers

Synopsis
Insolvency proceedings (winding up orders, administration orders) of Gibraltar insurers are now automatically recognised in the UK under the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 ('the Gibraltar Regulations'). These provide that the Insurers (Reorganisation and Winding Up) Regulations 2004 ('the 2004 Regulations') apply to Gibraltar insurers. The 2004 Regulations used to apply to the recognition in the UK of insolvency measures applicable to EEA Insurers but – for these purposes – have now been repealed. Prior to 2019, several Gibraltar insurance company insolvencies had been recognised in the UK under the UNCITRAL Model Law applied by the Cross-Border Insolvency Regulations 2006 ('the Model Law'). This article examines whether the Model Law had in the past been incorrectly used as a route to recognition of insolvency proceedings of Gibraltar insurers in England and Wales, and, more importantly, whether it is route to recognition that is still available to office holders of Gibraltar insurers.