Section 59: General provisions on winding up

59. General provisions on winding up (1) Subject to this Part and such regulations as may be prescribed, SubPart II of Part III, Parts IV and VII of the Insolvency Act 2009 or such other specific enactment relating to winding up of companies shall apply to the winding up of an insurer so far as these provisions are applicable and provided further that where there is any inconsistency between those provisions and the provisions of this Part, the provisions in this Part shall prevail. (2) Where an insurer is a subsidiary of a body corporate which is not an insurer, and the body corporate is wound up— (a) the subsidiary shall not be wound up except on the basis of a separate application for winding up; and (b) the provisions of this Part shall apply in relation to the subsidiary as to any other insurer. [S. 59 amended by s. 414 (2) (a) of Act 3 of 2009 w.e.f. 1 June 2009.]