PART II FORMATION, SUPERVISION AND CONTROL
Winding up
F1Winding up of sub-funds33C
1
Save as provided in paragraphs (2) and (3), a sub-fund may be wound up as if it were an open-ended investment company in accordance with the provisions of regulations 31 to 33 provided that the appointment of the liquidator or any provisional liquidator and the powers and duties of the liquidator or any provisional liquidator shall be confined to the sub-fund which is being wound up and its affairs, business and property.
2
Notwithstanding paragraph (1), sections 226 to 228 of the 1986 Act shall not apply where a sub-fund is wound up in accordance with the provisions of this regulation.
3
The provisions of Part 5 of the 1986 Act with respect to staying, sisting or restraining actions and proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding-up order extend, in the case of a sub-fund, where the application to stay, sist or restrain is presented by a creditor, to actions and proceedings against the umbrella company of that sub-fund, or any of the other sub-funds of that umbrella company, in respect of a liability of that sub-fund.
4
Notwithstanding regulation 11A(5), a sub-fund shall be treated as if it were a separate legal person for the purposes of winding up.
5
For the purposes of paragraph (1), in regulations 31 to 33—
a
a reference to an open-ended investment company is taken to be a reference to a sub-fund; and
b
a reference to a company, save in relation to the term “unregistered company”, is taken to be a reference to a sub-fund.
6
For the purposes of paragraph (1), in the provisions of the 1986 Act to which reference is made in regulations 31 to 33—
a
references to an unregistered company and to a company are taken to be references to a sub-fund;
b
a reference to creditors is taken to be a reference to the creditors of a sub-fund; and
c
a reference to members is taken to be a reference to the holders of the shares in a sub-fund.
7
Subject to paragraph (8), regulation 11A(6) shall not apply after the appointment of a liquidator or a provisional liquidator.
8
Where an order has been made for the winding-up of a sub-fund, no action or proceedings shall be commenced or proceeded with against the umbrella company or the sub-fund in respect of any liability of the sub-fund, except by leave of the court and subject to such terms as the court may impose.