s 379 Winding-up rules.
(1) Winding-up rules may include provision— (a) for determining the amount of the liabilities of an insurer to policyholders of any class or description for the purpose of proof in a winding up; and (b) generally for carrying into effect the provisions of this Part with respect to the winding up of insurers. (2) Winding-up rules may, in particular, make provision for all or any of the following matters— (a) the identification of assets and liabilities; (b) the apportionment, between assets of different classes or descriptions, of— (i) the costs, charges and expenses of the winding up; and (ii) any debts of the insurer of a specified class or description; (c) the determination of the amount of liabilities of a specified description; (d) the application of assets for meeting liabilities of a specified description; (e) the application of assets representing any excess of a specified description. (3) “ Specified ” means specified in winding-up rules. (4) “ Winding-up rules ” means rules made under section 411 of the 1986 Act (or Article 359 of the 1989 Order). (5) Nothing in this section affects the power to make winding-up rules under the 1986 Act or the 1989 Order.