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

PART 1 U.K. Application of Rules with modifications

1.  In relation to the winding up of a relevant scheme by the High Court under the 1986 Act, Parts 4 and 7 to 13 of the Insolvency Rules 1986 M1 , in so far as they apply to the winding up of an unregistered company, apply with— U.K.

(a) the general modifications set out in paragraph 2;

(b) any other modification specified in the Table in Part 2 of this Schedule; and

(c) any other necessary modification.

Marginal Citations

M1 S.I. 1986/1925 as modified by S.I. 2011/2866 and 1991/2684, and as amended by S.I. 1993/602, 1999/1022, 2004/584, 2005/527, 2006/1272, 2008/737, 2009/642, 2010/686 and 2012/2404. There are other modifications and amendments not relevant to these Regulations.

2.  Unless the context otherwise requires and subject to any modification specified in the Table in Part 2 of this Schedule which has a contrary effect, the general modifications are that— U.K.

(a) a reference to a company includes a reference to a relevant scheme;

(b) a reference to a voluntary winding up or a resolution for voluntary winding up of a company is to be ignored;

(c) in any provision relating to—

(i) the service on a company of a petition, demand or order, or the giving or sending by a company of any notice or other document,

(ii) the provision to a company of any explanation or other information, or

(iii) an application to the court by a company or by any person in relation to a company,

a reference to the company is to be read as a reference to the operator or, in the case of a provision that has effect in relation to a company before the presentation of a winding-up petition, the operator of a relevant scheme in relation to which a written demand has been served under section 222(1)(a) (as applied by Schedule 2);

(d) a reference to a creditor of a company is to be read as a reference to a creditor of the relevant scheme;

(e) a reference to a contributory or to a meeting of contributories is to be ignored;

(f) a reference to a member of a company or to a register of members is to be ignored;

(g) a reference to the estate or to the property or assets of a company is to be read as a reference to the property subject to the relevant scheme;

(h) a reference to a debt or liability of a company is to be read as a reference to a debt or liability of the relevant scheme; and

(i) a reference to the registrar of companies is to be read as a reference to the FCA.