Regulation 34

Any payment out of the VCC Liquidation Account or Sub‑fund Liquidation Account must be made by the Official Receiver.

The Official Receiver must, on an application by a person who has acted as liquidator of a VCC or sub‑fund, repay to the person any necessary disbursements made by the person as liquidator on account of the VCC or sub‑fund from the date of commencement of the winding up or the date of his or her appointment (whichever is later) to the date of the person’s application for release as liquidator, out of any moneys standing to the credit of the VCC or sub‑fund in the VCC Liquidation Account or Sub‑fund Liquidation Account.

The liquidator may, after declaring a dividend, apply to the Official Receiver for the funds available for that purpose standing to the credit of the VCC or sub‑fund in the VCC Liquidation Account or Sub‑fund Liquidation Account.

The application mentioned in paragraph (3) must be supported by a list of creditors certified by the liquidator showing the amount of each of the creditors’ proofs and the amount of money each creditor is due to receive by way of dividend.

The Official Receiver is not liable for any payment made out of the VCC Liquidation Account or Sub‑fund Liquidation Account on the application of a liquidator.