Regulation 118

Despite regulation 33 of the Court‑Ordered Winding Up Regulations, where no committee of inspection has been appointed in respect of a VCC or sub‑fund that is being wound up by the Court, the Court may, upon the application of the liquidator of the VCC or sub‑fund, authorise the liquidator to make payments received by the liquidator in the course of the winding up into an account to the credit of the liquidator with such bank as the Court may specify (called in this Division a special bank account).

The Court may give the authorisation mentioned in paragraph (1) if the Court is satisfied that for the purpose of carrying on the business of the VCC or sub‑fund or obtaining advances or for any other reason, it is to the advantage of the creditors or contributories that the liquidator should have a special bank account.

The Court may grant the authorisation under paragraph (1) for such time and on such terms as the Court thinks fit and may, at any time, order the special bank account to be closed if the Court is of the opinion that the special bank account is no longer required for the purposes mentioned in the application.