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
F1Words in reg. 31(1) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(a)(i) (with Sch. 3)
F2Words in reg. 31(1) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(a)(ii) (with Sch. 3)
F3Words in reg. 31(2) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(b)(i) (with Sch. 3)
F4Words in reg. 31(2) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(b)(ii) (with Sch. 3)
F5Words in reg. 31(2) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(b)(iii) (with Sch. 3)
F6Words in reg. 31(2) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(b)(iv) (with Sch. 3)
F7Words in reg. 31(4) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(c)(i) (with Sch. 3)
F8Words in reg. 31(4)(a) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 7(c)(ii) (with Sch. 3)