31.—(1) Where an open-ended investment company is wound up as an unregistered company under Part V of the 1986 Act, the provisions of that Act 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 section 124 (application for winding up) or section 124A M1 of the 1986 Act (petition for winding up on grounds of public interest), as those sections apply by virtue of Part V of that Act, 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 V of the 1986 Act, the affairs of the company are being wound up otherwise than by the court—
(a)section 129(2) of the 1986 Act (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.
Marginal Citations
M1Section 124A was inserted by the Companies Act 1989 (c. 40), section 60(3).