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Open-Ended Investment Companies Regulations (Northern Ireland) 2004

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Dissolution on winding up by the court

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32.—(1) Article 146(7) of the 1989 Order (final meeting of creditors and vacation of office by liquidator), as that Article applies by virtue of Part VI of that Order (winding up of unregistered companies) has effect, in relation to open-ended investment companies, as if the reference to the registrar was a reference to the Authority.

(2) Where, in respect of an open-ended investment company, the Authority receives –

(a)a notice given for the purposes of Article 146(7) of the 1989 Order (as aforesaid); or

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

the Authority must, on receipt of the notice, forthwith register it and, subject to the provisions of this regulation, at the end of the period of three months beginning with the day of the registration of the notice, the company is to 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 Authority 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 level 1 on the standard scale; 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.

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