33. Winding up of sub-fund

Amended

Last amended by an amending law of 2019.

(1)

Despite not being a legal person, a sub‑fund of an umbrella VCC may be wound up in accordance with subsection (2) as if it were a legal person.

(2)

Part 8 and Part 9 (as it applies to winding up) of the IRDA apply in relation to the winding up of a sub-fund of an umbrella VCC as they apply in relation to the winding up of a company limited by shares, subject to section 5 and the modifications in the First Schedule.

(3)

Section 129 applies (with the necessary modifications) in relation to the appointment of a liquidator of a sub‑fund and a person acting as such liquidator, as it applies in relation to the appointment of a liquidator of a VCC and a person acting as such liquidator, and for this purpose —

(a)

a reference in section 129(1)(b) and (c) to the VCC is to the umbrella VCC of which the sub‑fund is a part; (b)the reference in section 129(2)(b) to creditors is to the creditors of the sub-fund;

(c)

the reference in section 129(2)(a) to a members’ voluntary winding up is to a winding up under Division 3 of Part 8 of the IRDA as applied by this section, where a declaration has been made and lodged pursuant to section 163 of the IRDA as applied by this section; and

(d)

the reference in section 129(2)(b) to a creditors’ voluntary winding up is to a winding up under Division 3 of Part 8 of the IRDA as applied by this section, but not a members’ voluntary winding up mentioned in paragraph (c).