WINDING UP DIRECTIVE CASES
November 1st, 2004
BY KEITH NUTHALLBRITAIN, France, Belgium and Sweden have been censured by the European Court of Justice (ECJ) for failing to implement European Union (EU) directive 2001/17/EC on the reorganisation and winding-up of insurance undertakings. The UK government admitted that it had failed to comply with the directive as regards the Lloyd's market and Gibraltar, and the court confirmed that it had "failed to fulfil its obligations" and ordered it to pay the case costs. France and Sweden blamed legislative delays for missing the April 2003 to fully implement the ...
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