55Valuation of liabilities

(1) In the winding up of an insurance company or in the insolvency of any other insurer the value of the assets and the liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator or receiver in insolvency thinks fit, subject, so far as applicable, to the rule contained in the ¹[Seventh Schedule] and to any directions which may be given by the ²[Tribunal].

(2) For the purposes of any reduction by the ³[Tribunal] of the amount of the contracts of any insurance company the value of the assets and liabilities of the company and all claims in respect of policies issued by it shall be ascertained in such manner and upon such basis as the ³[Tribunal] thinks proper having regard to the aforesaid.

(3) The rule in the ⁴[Seventh Schedule] shall be of the same force and may be repealed, altered or amended as if it were a rule made in pursuance of ⁵[section 643 of the Companies Act, 1956 (1 of 1956)], and rules may be made under that section for the purpose of carrying into effect the provisions of this Act with respect to the winding up of insurance companies.