Insurance Ordinance

(1)
Where the insurance business or any part of the insurance business of
                an
                authorized insurer has been transferred to
                an
                authorized insurer under an arrangement in pursuance of which the
                first-mentioned insurer
                        (
the
                        transferor
                company
)
                or the creditors thereof has or have claims against the insurer to which the
                transfer was made
                        (
the
                        transferee
                company
),
                then, if the transferee company is being wound up by the Court, the Court shall,
                subject to this section, order the transferor company to be wound up in conjunction
                with the transferee company, and may by the same or any subsequent order appoint the
                same person to be liquidator for the 2 companies, and make provision for such other
                matters as may seem to the Court necessary, with a view to the companies being wound
                up as if they were one company.
(Amended
12 of 2015 s. 2
)
(2)
The commencement of the winding up of the transferee company shall, save as otherwise ordered by the Court, be the commencement of the winding up of the transferor company.
(3)
In adjusting the rights and liabilities of the members of the several companies between themselves, the Court shall have regard to the constitution of the companies, and to the arrangements entered into between the companies, in the same manner as the Court has regard to the rights and liabilities of different classes of contributories in the case of the winding up of a single company, or as near thereto as circumstances admit.
(4)
Where an authorized insurer alleged to be a transferor company is not in process of being wound up at the same time as the transferee company, the Court shall not direct the transferor company to be wound up unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the Court is of opinion that the company is subsidiary to the transferee company, and that the winding up of the company in conjunction with the transferee company is just and equitable.
(Amended
12 of 2015 s. 2
)
(5)
An application may be made in relation to the winding up of any transferor company in conjunction with a transferee company by any creditor of or person interested in, the transferee or transferor company.
(6)
Where an authorized insurer stands in the relation of a transferee company to one company, and in the relation of a transferor company to some other company, or where there are several companies standing in the relation of transferor companies to one transferee company, the Court may deal with any number of such companies together or in separate groups, as it thinks most expedient, upon the principles laid down in this section.
(Amended
12 of 2015 s. 2
)