The Risk Transformation Regulations 2017

Effect of court order for restoration

185.—(1) The general effect of an order restoring a cell or a protected cell company is that the cell or protected cell company (as the case may be) is deemed to have continued in existence as if it had not been dissolved.

(2) The court may give directions and make such provision as seems just for placing the cell or protected cell company and all other persons in the same position (as nearly as may be) as if the cell or protected cell company had not been dissolved.

(3) In particular, the court may give directions as to—

(a) the delivery of documents to the FCA or PRA;

(b) payment of the FCA’s or PRA’s costs in relation to the proceedings for restoration;

(c) where property or a right previously vested in or held on trust for the protected cell company has vested as bona vacantia, the payment of the costs (in Scotland, the expenses) of the Crown representative—

(i) in dealing with the property during the period of dissolution; or

(ii) in connection with the proceedings on the application.

(4) In this regulation, the “Crown representative” means—

(a) in relation to property vested in the Duchy of Lancaster, the Solicitor to that Duchy;

(b) in relation to property vested in the Duke of Cornwall, the Solicitor to the Duchy of Cornwall;

(c) in relation to property in Scotland, the Queen’s and Lord Treasurer’s Remembrancer;

(d) in relation to other property, the Treasury Solicitor.

(5) Section 1034 of the Companies Act 2006 (effect of restoration where property has vested as bona vacantia) applies on the restoration of a protected cell company as it applies on the restoration of a company incorporated under the Companies Act 2006, but with the reference to section 1012 in subsection (1) being treated as a reference to regulation 180(9).