377 Reducing the value of contracts instead of winding up
377 Reducing the value of contracts instead of winding up

(1)     This section applies in relation to an insurer which has been proved to be unable to pay its debts.

(2)     If the court thinks fit, it may reduce the value of one or more of the insurer's contracts instead of making a winding up order.

(3)     Any reduction is to be on such terms and subject to such conditions (if any) as the court thinks fit.