Revised Laws of Saint Lucia (2021)

2.   Interpretation

In this Act —

“Arrangement” means a compromise or arrangement proposed between BAICO and its creditors, or any class of creditors;

“Arrangement Legislation” means the legislation enacted to facilitate an Arrangement in respect of BAICO in the Other EC Territories or in the relevant Home Territory;

“BAICO” means British-American Insurance Company Limited, a company incorporated in The Bahamas with the registration number 47C;

“Court” means the West Indies Associated States Supreme Court established by the Courts Order of 1967;

“Directions Order” means the court order for directions convening a Meeting of the creditors, or any class of creditors, of BAICO;

“EC Court” means the relevant court in an Other EC Territory;

“Home Court” means the Supreme Court of The Bahamas;

“Home Territory” means the Commonwealth of The Bahamas;

“Insurance Claim” means a claim pursuant to or arising out of an insurance policy issued by BAICO;

“Judicial Manager” means any judicial manager or administrator of BAICO, appointed by the Court, the Home Court or any EC Court;

“Meeting” means the meeting of the creditors or class of creditors of BAICO that has been ordered by a court to consider an Arrangement, whether the meeting is held in one place or in multiple places;

“Minister” means the Minister responsible for finance;

“Other EC Territory” means any of the following which have enacted Arrangement Legislation: Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Monsterrat, Saint Christopher (St. Kitts) and Nevis and Saint Vincent and the Grenadines;

“Other officers” means each of the Judicial Managers of BAICO appointed by an EC Court or the Home Court;

“Recognition Order” means an order made by the Court or the Home Court that grants recognition confirming the full force and effect in that jurisdiction, of the arrangement which is subject to a Sanction Order;

“Registrar of Companies” means the Registrar with responsibility for the incorporation of companies and maintenance of the companies register in a territory;

“Sanction Order” means —

1.  

   (a)     in the case of an Arrangement proposed under section 3, an order made by the Court under section 3(3); or

1.  

   (b)     in the case of an Arrangement proposed in the Home Territory, or any Other EC Territory, an order made by a court in the relevant territory pursuant to its Arrangement Legislation that sanctions the Arrangement.