Regulation 63

This rule applies where the liquidator of a VCC or sub‑fund applies to the Court under section 150(2) of the IRDA to decide the difference between the determinations of the separate meetings of the creditors and contributories.

As soon as possible after the separate meetings of creditors and contributories summoned under section 150(1) of the IRDA have been held, the liquidator must report in Form VCCWUR‑18 the result of each meeting to the Court.

Upon the application of the liquidator, the Court may make any order necessary to decide the difference between the determinations of the separate meetings of creditors and contributories summoned under section 150(1) of the IRDA.

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 liquidator 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 liquidator and any creditor or contributory.