Voorbeelden van het gebruik van Compulsory winding up in het Engels en hun vertalingen in het Nederlands
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Compulsory winding up is the automatic consequence of the withdrawal of authorization.
It follows that they form part of the special insurance funds at the time when the special compulsory winding up is declared.
The normal compulsory winding up is an administrative procedure,
Such contracts will remain in force despite the opening of the special compulsory winding up, although the policyholder will of course retain the right to terminate.
The special compulsory winding up is opened when the undertaking is in a state of proven or probable insolvency.
Since the state of the registers of assets at the time of the declaration of the special compulsory winding up determines the amount that is available for the separate funds,
A special compulsory winding up is opened either by the supervisory authority
it may immediately be clear that it is too late to save it and that a special compulsory winding up is necessary.
The rules relating to the special compulsory winding up are of much greater importance,
laying down a separate procedure for each referred to respectively as normal compulsory winding up and special compulsory winding up.
Since a special compulsory winding up takes place against the background of the presumed insolvency of the undertaking,
In either case, it will probably be when these internal transfers have eliminated the solvency margin completely that the undertaking will be found to be insolvent and the condition for a compulsory winding up will exist.
Two types of compulsory winding up are envisaged, depending on the company's situation with regard to assets: normal compulsory winding up and special compulsory winding up.
The principle is laid down that the composition of the reserved assets shall be determined, without any possibility of modification, by the assets entered in the registers on the day the special compulsory winding up is opened.
The proposal for a Directive on the compulsory winding up of insurance companies was made in December 1986,
that steps should be taken to remedy matters as far as possible before the compulsory winding up is declared.
Although responsibility for supervising the normal compulsory winding up is given to the supervisory authorities,
A normal compulsory winding up of a branch or agency within one Member State does not necessarily entail the winding up of branches or agencies in other Member States, but a special compulsory winding up will necessarily apply to all the establishments within the Community.
It is intended that surveillance by the supervisory authorities in the course of a normal compulsory winding up will concentrate on two points:
Either the special compulsory winding up is declared before the registers have been adjusted,
In practice it will be extremely difficult for the insurer undergoing a special compulsory winding up to meet the cost of claims incurred after the opening of the procedure if he is deprived overnight of reinsurance cover.
It is, however, possible to pass from a normal compulsory winding up to a special compulsory winding up, or even from a voluntary winding up to a compulsory winding up, where during the procedure the conditions for a special compulsory winding up or for the withdrawal of authorization are fulfilled.
salaries relating to periods before the opening of the compulsory winding up, to the extent that the proceeds of assets not entered in the registers(and therefore not included in the separate funds) are insufficient to satisfy them.
supervision of a normal compulsory winding up are the responsibility of the supervisory authority, but the opening and supervision of a special compulsory winding up may be the responsibility either of the supervisory authority
As appears in Article 17(1), the composition of the assets entered in all the registers at the moment of the opening of a special compulsory winding up can no longer be called into question,
However, even before the conditions for a compulsory winding up are fulfilled,
the proposal for a Directive on the compulsory winding up of insurance undertakings will be subject to serious debate in the Council in time for it to be adopted,
Since the coordination of the provisions relating to the compulsory winding up of insurance undertakings is complementary to the two first coordination Directives concerning the business of direct insurance,
It has been explained above that in theory a series of steps would be undertaken before a special compulsory winding up was declared,