Regulation 49

Any money of a VCC or sub‑fund that is invested or deposited at interest by the liquidator is deemed to be money under the liquidator’s control.

Subject to paragraphs (3) and (4), where the money of a VCC or sub‑fund in the liquidator’s hands or under the liquidator’s control, including any money invested or deposited at interest, is an amount at least equal to the minimum balance payable to the Official Receiver to be placed to the credit of the VCC Liquidation Account or Sub‑fund Liquidation Account, the liquidator must —

If any money of the VCC or sub‑fund is invested in Government securities, the liquidator may, with the permission of the Official Receiver, transfer those securities to the control of the Official Receiver, instead of realising the investment and paying the proceeds to the Official Receiver as required under paragraph (2).

If the money that is invested in Government securities is required (in whole or in part) for the purposes of the liquidation, the Official Receiver may realise the securities (in whole or in part) and pay the proceeds to the credit of the VCC Liquidation Account or Sub‑fund Liquidation Account, and deal with the proceeds in the same way as other money paid into the VCC Liquidation Account or Sub‑fund Liquidation Account may be dealt with.