Amendment status not verified — confirm the current text below against the official source.
Insolvency of employer.—(1) Where any employer has entered into a contract with any insurers in respect of any liability under this Act to any 1[employee], then in the event of the employer becoming insolvent or making a composition or scheme of arrangement with his creditors or, if the employer is a company, in the event of the company having commenced to be wound up, the rights of the employer against the insurers as respects that liability shall, notwithstanding anything in any law for the time being in force relating to insolvency or the winding up of companies, be transferred to and vest in the 1[employee], and upon any such transfer the insurers shall have the same rights and remedies and be