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The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013

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PART 2Table of specific modifications of the Insolvency Rules 1986

RuleSubjectModification
Part 4 (companies winding up)
Chapter 1 (the scheme of this Part of the Rules)
4.2Winding up by the court: the various forms of petition

Paragraph (2) is to be read as if—

(a)

the reference to the company included a reference to the operator of a relevant scheme; and

(b)

the words “the directors,” and “the official receiver,” were omitted.

Chapter 2 (the statutory demand)
4.4PreliminaryIn paragraph (2) the reference to a company is to be read as a reference to the operator of a relevant scheme.
4.5Form and content of statutory demandIn paragraph (2)(a) the reference to the company’s liability is to be read as a reference to the liability of the relevant scheme in relation to which the statutory demand has been served.
4.6Information to be given in statutory demandIn paragraph (1)(c) the reference to the company is to be read as a reference to the operator of the relevant scheme in relation to which the statutory demand has been served.
Chapter 3 (petition to winding-up order)
4.6AInjunction to restrain presentation or advertisement of petitionThe first reference to a company is to be read as a reference to the operator of a relevant scheme.
4.7Presentation and filing of petitionParagraph (3) is to be read as if the words “who is a person other than the company” were omitted.
4.8Service of petition

This Rule is to be read as if paragraph (2) required the petition is to be served at the registered office or principal place of business of the operator and of the depositary.

Paragraphs (3) to (5) apply in relation to the operator and in relation to the depositary as they apply in relation to a company on which a petition is served.

4.9AProof of serviceThe certificate of service must specify (instead of the particulars in paragraph (2)(a) and (b)) the name of the relevant scheme and the name and registered office (or principal place of business) of the operator and of the depositary.
4.10Other persons to receive copies of petition

This Rule is to be read as if there were substituted for paragraphs (1) to (4)—

(1) The petitioner must send a copy of the petition to the FCA..

4.12Verification of petitionA statement of truth which is not contained in or endorsed upon the petition which it verifies must specify (instead of the particulars in paragraph (3A)(a)) the name of the relevant scheme and of the operator and the depositary.
4.13Persons entitled to copy of petitionThis Rule is to be read as if the word “director,” were omitted.
4.15Permission for petitioner to withdrawIn paragraph (c) the reference to the company is to be read as a reference to the operator and the depositary.
4.18Witness statement in opposition

In this Rule—

(a)

each reference to the company is to be read as a reference to the operator; and

(b)

paragraph (1) is to be read as if it required the operator to file a witness statement only with the depositary’s consent.

Chapter 4 (petition by contributories)
4.22 to 4.24Petition by contributoriesThese Rules do not apply.
Chapter 5 (provisional liquidator)
4.25Appointment of provisional liquidatorParagraph (1) is to be read as if it provided that an application for the appointment of a provisional liquidator may be made by the operator, the depositary, the FCA or a creditor.
4.28SecurityIn paragraph (2)(a) the reference to the making of an order on the company is to be read as a reference to the making of an order on the operator and the depositary.
Chapter 6 (statement of affairs and other information)
4.39Submission of accountsA reference to the accounts of the company is to be read as a reference to the accounts relating to the affairs of the relevant scheme.
Chapter 7 (information to creditors and contributories)
4.43Reports by official receiverThis Rule is to be read as if paragraphs (1A) and (1B) were omitted.
4.48Winding up stayedIn paragraph (2) the reference to the company is to be read as a reference to the operator.
4.49BReports to creditors and members -winding up by the court

The progress report must include full details (instead of the details in paragraph (1)(b)) of the name of the relevant scheme and the name and registered office (or principal place of business) of the operator and of the depositary.

Paragraph (2) is to be read as if the words from “and, where the liquidator” to the end were omitted.

In paragraph (7) the reference to the members of the company is to be read as a reference to the operator and the depositary.

Chapter 8 (meetings of creditors and contributories)
4.58Attendance at meetings of company’s personnel

A reference to the company’s personnel is to be read as a reference to—

(a)

the operator and the depositary; and

(b)

the directors and employees of the operator and the depositary.

Chapter 9 (proof of debts in a liquidation)
4.79Liquidator to allow inspection of proofsThe reference to any contributory of the company is to be read as a reference to the operator or the depositary.
4.83Appeal against decision on proof

In paragraphs (2) and (4A) a reference to a contributory is to be read as a reference to the operator or the depositary.

In paragraph (4A) the reference to the company is to be read as a reference to the operator for the benefit of the participants.

4.90Mutual credits and set-offA reference to mutual credits, mutual debts or other mutual dealings between the company and any creditor is to be read as a reference to mutual credits etc. between the operator on behalf of the participants and a creditor, and a reference to any obligation to or from the company, or any sum due or owed to, or due from, the company is to be read accordingly.
Chapter 10 (secured creditors)
4.98Test of security’s valueIn paragraph (2) the reference to the liquidator on behalf of the company is to be read as a reference to the liquidator acting in the best interests of the relevant scheme.
Chapter 11 (the liquidator)
4.124Release of official receiverThis Rule is to be read as if paragraph (2A) were omitted.
4.125Final meetingThis Rule is to be read as if paragraph (2A) were omitted.
4.128Other matters affecting remunerationParagraph (3) is to be read as if for the words “act on behalf of the company” there were substituted “act in the liquidation”.
4.131Creditors’ claim that remuneration is or other expenses are excessiveParagraph (4)(e) is to be read as if it required the amount to which it refers to be paid to the operator for the benefit the relevant scheme.
4.138Liquidator’s duties on vacating officeA reference to the company’s books, papers and other records is to be read as a reference to all books, papers and other records affecting or relating to the affairs of, or the property subject to, the relevant scheme.
4.149Power of court to set aside certain transactionsParagraph (1) is to be read as if the court’s power to order the liquidator to compensate the company for loss suffered in consequence of a transaction which is set aside included power to order the liquidator, by way of compensation for loss suffered in consequence of such a transaction, to contribute any sum to the property subject to the relevant scheme.
Chapter 12 (the liquidation committee)
4.152Membership of committeeParagraph (1) is to be read as if the words “Subject to Rule 4.154 below,” were omitted.
4.154Committee established by contributoriesThis Rule does not apply.
4.171AComposition of committee when creditors paid in full

This Rule is to be read as if—

(a)

at the end of paragraph (2) there were inserted “and the committee is abolished”; and

(b)

paragraphs (3) and (4) were omitted.

Chapter 14 (collection and distribution of company’s assets by liquidator
4.181Debts of insolvent company to rank equallyThis Rule is to be read as if the references to preferential debts were omitted.
Chapter 15 (disclaimer)
4.188Communication of disclaimer to persons interestedIn paragraph (2) the reference to a person who claims under the company as underlessee or mortgagee is to be read as a reference to a person claiming as underlessee or mortgagee under the leasehold title which is held by the depositary (or a person nominated by the depositary to hold the leasehold title).
Chapters 16, 17 and 18
4.195 to 4.201Settlement of list of contributoriesThese Rules do not apply.
4.202 to 4.205CallsThese Rules do not apply.
4.206 to 4.210Special managerThese Rules do not apply.
Chapter 19 (public examination of company officers and others)
4.213Order on request by creditors or contributoriesIn paragraph (2) the reference to the relationship which the proposed examinee has, or has had, to the company is to be read as a reference to that person’s interest in the relevant scheme or dealings with the operator.
Chapter 20 (order of payment of costs, etc., out of assets)
4.218General rule as to priority

Paragraph (2) is to be read as if sub-paragraph (b) were omitted.

Paragraph (3) is to be read as if the words “Subject as provided in Rules 4.218A to 4.218E,” were omitted.

In paragraphs (2) and (3) a reference to any legal action or proceedings or any arbitration or other dispute resolution procedure which the liquidator has power to bring or defend in the name of the company is to be read as a reference to such action, proceedings or procedure which the liquidator has power to bring or defend on behalf of the participants.

4.218A to 4.218ELitigation expenses and property subject to a floating chargeThese Rules do not apply.
4.220Saving for powers of the court

In paragraph (2)—

(a)

the reference to proceedings by or against the company is to be read as a reference to proceedings brought by or against the operator for the resolution of any matter relating to the relevant scheme; and

(b)

the reference to the power of any court to order costs to be paid by the company is to be read as a reference to the power of any court to order costs to be paid out of the property subject to the relevant scheme.

Chapters 21, 22 and 23
4.221 to 4.225Miscellaneous rulesThese Rules do not apply.
4.226 to 4.230Permission to act as director, etc., of company with prohibited nameThese Rules do not apply.
4.231EC Regulation – member state liquidatorThis Rule does not apply.
Part 7 (court procedure and practice)
7.1PreliminaryThe reference to a petition for a winding-up order under Part IV is to be read as a reference to a petition presented under regulation 17(9).
7.31ACourt file

In paragraph (4)(a)—

(a)

the reference to an officer or former officer of the company is to be read as a reference to the operator and the depositary; and

(b)

the reference to a member of the company is to be read as a reference to a participant.

7.41Costs and expenses of witnesses

In paragraph (1) the reference to an officer of the insolvent company is to be read as a reference to—

(a)

the operator or any person who is employed by the operator; or

(b)

the depositary or any person who is employed by the depositary.

7.56Service of orders staying proceedingsThe reference to the property of a company is to be read as a reference to the property subject to a relevant scheme.
Part 8 (proxies and company representation)
8.5Right of inspectionIn paragraph (3) the right of inspection exercisable in the case of an insolvent company by its directors is exercisable in the case of the relevant scheme by the operator or the depositary.
Part 11 (declaration and payment of dividend (winding up and bankruptcy))
11.6Notice of declarationThis Rule is to be read as if paragraph (2A) were omitted.
Part 12 (miscellaneous and general)
12.18False claim of status as creditor, etc.

In paragraph (1)—

(a)

each reference to the Rules is to be read as a reference to the Rules as modified by this Schedule; and

(b)

the reference to the members of a company is to be read, in relation to the winding up of a relevant scheme, as a reference to—

(i)

the operator or depositary of the relevant scheme; or

(ii)

the participants in it.

Part 12A (provisions of general effect)
12A.18Service of orders staying proceedingsIn paragraph (1)(a) the reference to the property of a company is to be read as a reference to the property subject to a relevant scheme.
12A.30Forms for use in insolvency proceedingsAny form prescribed for use by paragraph (1) which is used in proceedings for winding up a relevant scheme is to be read with the modifications set out in this Schedule (so far as applicable for the form concerned). The requirement in paragraph (2) to use a form with such variations as the circumstances may require includes a requirement to use it with such variations as are necessary to take account of applicable modifications.
12A.34 and 12A.39Notices relating to companiesInstead of the particulars given in each of these Rules a notice must specify the name of the relevant scheme and the name and registered office (or principal place of business) of the operator and of the depositary.
12A.43Information to be contained in all notifications to the registrarA notification must specify (instead of the particulars in paragraphs (a) and (b)) the name of the relevant scheme and the name of the operator and of the depositary.
12A.53Charge for copy documentsThe first reference to a member is to be read as a reference to a participant.

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