Regulation 59

This rule applies where the Official Receiver applies to the Court for an order appointing a liquidator in place of the Official Receiver.

As soon as possible after the separate meetings of creditors and contributories summoned under section 134(b) of the IRDA have been held, the Official Receiver or the chairperson of the meetings (if not the Official Receiver) must report in Form VCCWUR‑15 the result of each meeting to the Court.

Upon the application of the Official Receiver, the Court may immediately make any appointment or order necessary to give effect to the resolutions passed at the separate meetings of creditors and contributories summoned under section 134(b) of the IRDA if the separate meetings passed the same resolutions or the resolutions passed at the separate meetings are identical in effect.

When a time and place have been fixed for the Court to decide the difference between the determinations of the separate meetings of the creditors and contributories, the time and place must be advertised by the Official Receiver in such manner as the Court may direct, but so that the first or only advertisement is published at least 7 days before the time so fixed.

When deciding the difference between the determinations of the separate meetings of creditors and contributories, the Court may hear the Official Receiver and any creditor or contributory.

If a liquidator is appointed under paragraph (3) or section 134(c) of the IRDA, the Official Receiver must, as soon as the liquidator has given security, cause notice of the appointment in Form VCCWUR‑16 to be gazetted.

The expenses of gazetting the notice mentioned in paragraph (6) must be paid by the liquidator but may be charged by the liquidator on the assets of the VCC or sub‑fund in question.

Every appointment of a liquidator must be in Form VCCWUR‑17 and advertised by the liquidator in such manner as the Court directs immediately after the liquidator has given the required security.