Section 55

the Agency has paid compensation out of the PPF Life Fund or the PPF General Fund in accordance with this Act to —

any insured policy owner;

any trustee of a trust of an insured policy;

any beneficiary of an accidental death insurance cover; or

any combination of persons mentioned in sub‑paragraphs (i), (ii) and (iii);

such compensation is, or will be, accorded priority in the event of the winding up of the failed PPF Scheme member under section 123 of the Insurance Act 1966; and

the failed PPF Scheme member has one or more existing claims against the insured policy owner,the liquidator may bring legal proceedings with respect to those claims in the name, and on behalf, of the failed PPF Scheme member against the insured policy owner or any person who received compensation on behalf of the insured policy owner, to recover such moneys as may be necessary to put the failed PPF Scheme member into the position it would have been as against the insured policy owner with respect to those claims, if —

the Agency had not paid out any compensation or been accorded priority under section 123 of the Insurance Act 1966 in respect of the compensation paid to the insured policy owner; and

the liquidator had applied the same rules with regard to the respective rights of debts provable and the valuation of future and contingent liabilities as are in force for the time being under the law relating to bankruptcy in relation to the estates of persons adjudged bankrupt, as if the failed PPF Scheme member were a person so adjudged.