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Open-Ended Investment Companies Regulations (Northern Ireland) 2004

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Winding up by the court

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31.—(1) Where an open-ended investment company is wound up as an unregistered company under Part VI of the 1989 Order, the provisions of that Order apply for the purposes of the winding up with the following modifications.

(2) A petition for the winding up of an open-ended investment company may be presented by the depositary of the company as well as by any person authorised under Article 104 (application for winding up) or Article 104A(1) of the 1989 Order (petition for winding up on grounds of public interest), as those Articles apply by virtue of Part VI of that Order, to present a petition for the winding up of the company.

(3) Where a petition for the winding up of an open-ended investment company is presented by a person other than the Authority –

(a)that person must serve a copy of the petition on the Authority; and

(b)the Authority is entitled to be heard on the petition.

(4) If, before the presentation of a petition for the winding up by the court of an open-ended investment company as an unregistered company under Part VI of the 1989 Order, the affairs of the company are being wound up otherwise than by the court –

(a)Article 109(2) of the 1989 Order (commencement of winding up by the court) is not to apply; and

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

(i)at the time at which the Authority gave its approval to a proposal mentioned in paragraph (1)(d) of regulation 21; or

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

(1)

Article 104A was inserted by Article 8(3) of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10)) and amended by section 79(14) of, and Part II of Schedule 6 to, the Criminal Justice Act 1993 (c. 36) and S.I. 2001/3649

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