(1) This section applies if an order has been made under section 111(1).
(2) The court making the order may, on the application of [either regulator], appoint an independent actuary—
(a) to investigate the business transferred under the scheme; and
(b) to report to the [regulator which made the application] on any reduction in the benefits payable under policies entered into by [the transferor concerned] that, in the opinion of the actuary, ought to be made.
[(3) An application under subsection (2) may be made by the PRA only if—
(a) [the transferor concerned] or the transferee is a PRA-authorised person,
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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