§ 86 — Moratorium

86.—(1) Despite section 62(2) but subject to section 134, during the period beginning on the date of publication of the notice in section 83(1)(a) in the Gazette or (where the notice is not published in the Gazette) the date of publication of the bail‑in certificate in the Gazette under section 84(7), and ending on the appointed date of the bail‑in certificate —(a)

no resolution may be passed, and no order may be made, for the winding up of the Division 6 FI;

(b)

no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the Division 6 FI;

(c)

no civil proceedings may be commenced or continued against the Division 6 FI in respect of any business of the Division 6 FI;

(d)

no enforcement order, distress or other legal process may be commenced, levied or continued against any property of the Division 6 FI;

(e)

no steps may be taken to enforce any security over any property of the Division 6 FI; and

(f)

any sale, transfer, assignment or other disposition of any property of the Division 6 FI is void, except for (where the pertinent financial institution is an insurer licensed under the Insurance Act 1966) any payment of claims to policy owners or claimants, other than policy owners who are related corporations of the Division 6 FI.

(2) No shareholder of a Division 6 FI or resulting FI may exercise any voting power in the Division 6 FI or resulting FI during the period beginning on —(a)

the date the notice in section 83(1)(a) is published in the Gazette; or

(b)

where that notice is not published in the Gazette, the date the bail‑in certificate is published in the Gazette under section 84(7),

and ending on the date on which the Minister publishes a notice in the Gazette that this subsection ceases to apply.

(3) Subsection (2) has effect despite anything in the Companies Act 1967 or the constitution of the Division 6 FI or resulting FI.

—(1) Despite section 62(2) but subject to section 134, during the period beginning on the date of publication of the notice in section 83(1)(a) in the Gazette or (where the notice is not published in the Gazette) the date of publication of the bail‑in certificate in the Gazette under section 84(7), and ending on the appointed date of the bail‑in certificate —(a)

no resolution may be passed, and no order may be made, for the winding up of the Division 6 FI;

(b)

no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the Division 6 FI;

(c)

no civil proceedings may be commenced or continued against the Division 6 FI in respect of any business of the Division 6 FI;

(d)

no enforcement order, distress or other legal process may be commenced, levied or continued against any property of the Division 6 FI;

(e)

no steps may be taken to enforce any security over any property of the Division 6 FI; and

(f)

any sale, transfer, assignment or other disposition of any property of the Division 6 FI is void, except for (where the pertinent financial institution is an insurer licensed under the Insurance Act 1966) any payment of claims to policy owners or claimants, other than policy owners who are related corporations of the Division 6 FI.

(2) No shareholder of a Division 6 FI or resulting FI may exercise any voting power in the Division 6 FI or resulting FI during the period beginning on —(a)

the date the notice in section 83(1)(a) is published in the Gazette; or

(b)

where that notice is not published in the Gazette, the date the bail‑in certificate is published in the Gazette under section 84(7),

and ending on the date on which the Minister publishes a notice in the Gazette that this subsection ceases to apply.

(3) Subsection (2) has effect despite anything in the Companies Act 1967 or the constitution of the Division 6 FI or resulting FI.