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PART IIU.K. FORMATION, SUPERVISION AND CONTROL

Winding upU.K.

Winding up by the courtU.K.

31.—(1) Where an open-ended investment company is wound up as an unregistered company under Part V of the 1986 Act [F1or Part 6 of the 1989 Order], the provisions of that Act [F2or that Order] 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 [F3section 124 of the 1986 Act or Article 104 of the 1989 Order] (application for winding up) or [F4section 124A of that Act or Article 104A of that Order] (petition for winding up on grounds of public interest), as those sections [F5or Articles] apply by virtue of Part V of that Act [F6or Part 6 of that Order], 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 [F7or Part 6 of the 1989 Order], the affairs of the company are being wound up otherwise than by the court—

(a)[F8section 129(2) of that Act or Article 109(2) of that Order] (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.

Textual Amendments