Schedule 12: Write-down orders Part 2 – The manager of a write-down order New Schedule 19A
Paragraph 2 of Schedule 12 inserts a new Schedule 19A to FSMA 2000, which makes further provision about the manager. The effect of the provisions included in Schedule 19A are detailed below.
	Paragraph 1 of the new Schedule 19A sets out that the Schedule only applies where the court has: (i) made a write-down order in relation to an insurer; and (ii) appointed a manager. Paragraph 1 also makes provision in relation to the application of the Schedule where one or multiple persons are appointed as the manager.
	Paragraph 2 is self-explanatory.
	Paragraph 3 provides that a manager must monitor the insurer’s affairs to consider whether the write-down order remains reasonably likely to lead to a better outcome for policyholders and creditors (taken as a whole) than if the write-down order were not in effect. Paragraph 3 also provides that the manager must consider whether the insurer could take or refrain from taking certain actions so that the write-down order would remain, or once again become, reasonably likely to lead to a better outcome for policyholders and creditors (taken as a whole), and provides that the manager can make relevant recommendations to the insurer. Paragraph 3 also sets out that the manager must produce a report if directed to do so by the FCA or the PRA.
	Paragraph 4 sets out that the manager must apply to the court for such orders as the manager thinks likely to achieve the best outcome for the insurer’s policyholders and other creditors (taken as a whole) if they form the view that it would be in the interests of the insurer’s policyholders and creditors (taken as a whole) for the order to be varied or revoked.
	Paragraph 5 empowers the manager to require the provision of information and assistance (as reasonably required to undertake its functions) by the people listed in sub-paragraph (2), and requires that the information be provided as soon as practicable; subparagraph (4) provides that the manager can enforce the provision of information through an application for an injunction/specific performance.
	Paragraph 6 is self-explanatory.
	Paragraph 7 provides that the actions, omissions or decisions of a manager can be challenged through an application to the court by the parties listed and sets out the court’s powers when a challenge to the manager is brought.