Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 12 · Transfer of Registration
138. Revocation of registration
Feedback & supportThe Registrar may by order revoke the registration of a VCC if the VCC fails to comply with section 135(6).
Registrar
“Registrar” means the Registrar of VCCs appointed under this Act, and includes any Deputy or Assistant Registrar of VCCs;
The Registrar must, before making an order of revocation —
give the VCC written notice of the Registrar’s intention to revoke the registration;
specify in the notice a period of at least 30 days within which the VCC may make written representations to the Registrar; and
consider the VCC’s written representations (if any) that are received by the Registrar within the time specified in the notice.
At the expiration of the time specified in the notice mentioned in subsection (2), the Registrar may, unless cause to the contrary is previously shown, order that the registration of the VCC be revoked.
registration
“registration”, in relation to a foreign corporate entity that has applied to be registered as a VCC under this Part, means registration by the Registrar under section 135(1), and “register” and “registered” are to be construed accordingly.
The Registrar must —
cause a notice of the order of revocation to be published in the Gazette; and
serve a copy of the notice of the order of revocation on the VCC which registration is revoked.
Upon publication of the notice of the order of revocation in the Gazette, the order of revocation takes effect, and the VCC ceases to be a VCC, and the provisions of this Act cease to apply to the VCC and to its sub-funds, if any.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
An order of revocation under subsection (3) is final.
Despite the order of revocation in respect of a VCC under subsection (3), the liability (if any) of every officer and member of the VCC continues.
officer
“officer”, in relation to a VCC or other corporation, includes —(a)any director or secretary of the corporation or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)any liquidator of the corporation (being a VCC or company) appointed in a voluntary winding up,but does not include —(d)any receiver who is not also a manager;(e)any receiver and manager appointed by the Court;(f)any liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed by the Court under Part 8A of the Companies Act 1967 (if applicable);
Nothing in this section affects —
the enforcement by any person of any right or claim against the VCC; or
the enforcement by the VCC of any right or claim against any person,whether such right or claim is enforced against, or by the VCC in its own right or in respect of any of its sub-funds.