Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997

Dissolution on winding up by the court

26.—(1) This regulation applies where, in respect of an investment company with variable capital, the registrar receives—

(a) a notice served for the purposes of Article 146(7) of the Insolvency (Northern Ireland) Order 1989 (final meeting of creditors and vacation of office by liquidator), as that Article applies by virtue of Part VI of that Order; or

(b) a notice from the official receiver that the winding up by the court of the company is complete.

(2) The registrar shall, on receipt of the notice, forthwith register it; and, subject as follows, at the end of the period of three months beginning with the day of the registration of the notice, the company shall be dissolved.

(3) The Department may, on the application of the official receiver or any other person who appears to the Department to be interested, give a direction deferring the date at which the dissolution of the company is to take effect for such period as the Department thinks fit.

(4) An appeal to the court lies from any decision of the Department on an application for a direction under paragraph (3).

(5) It is the duty of the person—

(a) on whose application a direction is given under paragraph (3); or

(b) in whose favour an appeal with respect to an application for such a direction is determined;

not later than seven days after the giving of the direction, or the determination of the appeal, to deliver to the registrar for registration a copy of the direction or determination.

(6) If a person without reasonable excuse fails to deliver a copy as required by paragraph (5), he is guilty of an offence.

(7) A person guilty of an offence under paragraph (6) is liable, on summary conviction—

(a) to a fine not exceeding £200; and

(b) on a second or subsequent conviction instead of the penalty set out in sub-paragraph (a), to a fine of £100 for each day on which the contravention is continued.