The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996

Winding up by the court

25.—(1) Where an investment company with variable capital is wound up as an unregistered company under Part V of the Insolvency Act 1986(1), the provisions of that Act shall apply for the purposes of the winding up with the following modifications.

(2) A petition for the winding up of an investment company with variable capital may be presented by the depositary of the company as well as by any person authorised under section 124 or 124A of the Insolvency Act 1986, (as those sections apply by virtue of Part V of that Act) to present a petition for the winding up of the company.

(3) Where a petition for the winding up of an investment company with variable capital is presented by a person other than SIB—

(a) that person shall serve a copy of the petition on SIB; and

(b) SIB shall be entitled to be heard on the petition.

(4) If, before the presentation of a petition for the winding up by the court of an investment company with variable capital as an unregistered company under Part V of the Insolvency Act 1986, the affairs of the company are being wound up otherwise than by the court—

(a) section 129(2) of the Insolvency Act 1986 (commencement of winding up by the court) shall not apply; and

(b) any winding up of the company by the court shall be deemed to have commenced—

(i) at the time at which SIB gave its approval to a proposal mentioned in paragraph (1)(d) of regulation 15 above; or

(ii) in a case falling within paragraph (3)(b) of that regulation, on the day next following the end of the three month period mentioned in that paragraph.

(1)

1986 c. 45.