(3) In this section:
Company includes a Recognised Company.
51. Application for winding up
Subject to any other AIFC Regulations or any AIFC Rules to the contrary, an application to the Court for the winding up of a Company may only be presented by the Company, the directors or any creditor or creditors (including any contingent or prospective creditor or creditors).
52. Petition for winding up on grounds of interests of AIFC
If it appears to the AIFCA that it is in the interests of the AIFC that a Company should be wound up, the AIFCA may present a petition for the Company to be wound up if the Court considers it just and equitable for it to be wound up.
53. Voiding of property dispositions
In a winding up by the Court, any disposition of the Company’s property, and any transfer of shares or alteration in the status of the Company’s members, made after the commencement of the winding up is void unless the Court otherwise orders.
54. Voiding of attachments
If a Company is being wound up by the Court, a Person must not attach, sequester or otherwise appropriate the assets of the Company after the commencement of the winding up, and any such activity is void unless the Court otherwise orders.
55. Consequences of winding up order
If a winding up order is made for a Company, no legal proceeding may be continued or commenced against the Company or its property without the leave of the Court and subject to the terms that the Court may impose.
56. Procedures and Functions of Liquidator appointed by Court
Without limiting section 25 (Powers etc. of Liquidators), the Rules may make provision for or in relation to the procedures and Functions of a Liquidator of a Company appointed by the Court.
57. Choice of Liquidator by Court or meetings of creditors and contributories
(1) If the Court orders that a Company be wound up, the Court must, in the order, appoint a Person as liquidator of the Company. The Person appointed as liquidator becomes the Company’s Liquidator on the making of the order. The Person may either continue the liquidation or call meetings of the Company’s creditors and contributories to nominate a Person to be liquidator of the Company.
(2) The creditors and the contributories at their respective meetings may nominate a Person to be liquidator.
(3) The Person nominated by the creditors is taken to have been appointed as the Company’s Liquidator or, if a Person is not nominated by the creditors, the Person (if any) nominated by the contributories is taken to have been appointed as the Company’s Liquidator.
(4) However, if the creditors and contributories nominate different Persons, any creditor, shareholder or other Person liable to contribute to the assets of the Company may, within 7 days after the day the nomination is made by the creditors, apply to the Court for an order either:
(a) appointing as the Company’s Liquidator the Person nominated by the contributories instead of, or jointly with, the Person nominated by the creditors; or
(b) appointing another Person as the Company’s Liquidator instead of the Person nominated by the creditors.
58. Appointment of Provisional Liquidator
The Court may, at any time after the presentation of a winding up petition for a Company, appoint a liquidator provisionally for the Company. The powers of the Provisional Liquidator may be limited by the order appointing the Provisional Liquidator.
59. Appointment of liquidation committee
(1) At the meeting of the creditors of a Company held under section 57 (Choice of Liquidator by Court or meetings of creditors and contributories) or at any subsequent creditors meeting, the creditors may appoint a committee (a liquidation committee) of not more than 5 individuals to Exercise the Functions given to the committee under these Regulations and the Rules.
(2) If a liquidation committee is appointed under subsection (1), the Company may, at any time in general meeting, appoint not more than 5 individuals as members of the committee.
(3) However, the creditors may resolve that all or any of individuals appointed by the Company as members of the liquidation committee ought not to be members of the committee.
(4) If the creditors so resolve:
(a) the individuals mentioned in the resolution cease to be eligible to be members of the liquidation committee, unless the Court otherwise directs; and
(b) on an application to the Court under this subsection, the Court may appoint other individuals to be members of the liquidation committee instead of individuals mentioned in the resolution.
60. General Functions of Liquidator in winding up by Court
The Functions of the Liquidator of a Company that is being wound up by the Court are to ensure that the assets of the Company are got in or otherwise secured, realised and distributed to the Company’s creditors and, if there is a surplus, to the Persons entitled to it.
61. Vesting of Company property in Liquidator
(1) If a Company is being wound up by the Court, the Court may direct that all or any part of the property of any description belonging to the Company, or held by trustees on its behalf, vest in the Liquidator.
(2) The Liquidator may bring or defend any legal proceeding that relates to property vested in the Liquidator or that it is necessary to bring or defend to wind up the Company and recover its property.
62. Power to stay winding up
The Court may at any time after an order is made for the winding up of a Company, on the application of the Liquidator, or any creditor, shareholder or other Person liable to contribute to the assets of the Company, and on proof to the satisfaction of the Court that all proceedings in the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on the terms and conditions the Court considers appropriate.
63. Power to exclude creditors not proving in time
If the Court is satisfied that all necessary steps have been taken to draw the liquidation of a Company to the attention of creditors, the Court may fix a time or times within which creditors must prove their debts or claims or be excluded from the benefit of any distribution made before the debts or claims are proved.
64. Payment of expenses of winding up
If the assets of a Company that is being wound up by the Court are insufficient to satisfy its liabilities, the Court may make an order about the payment out of the assets of the expenses incurred in the winding up in the order of priority that the Court considers just.
CHAPTER 6-OTHER WINDING UP PROVISIONS
65. Removal of Liquidator
(1) This section applies in relation to the removal from office and vacation of office of the Liquidator of a Company that is being wound up voluntarily.
(2) The Liquidator may be removed from office only by:
(a) an order of the Court; or
(b) for a Members Voluntary Winding Up—a general meeting of the Company called specially for that purpose; or
(c) for a Creditors Voluntary Winding Up—a general meeting of the Company’s creditors called specially for that purpose in accordance with the Rules.
66. Preferential debts and ranking of claims
(1) Subject to the application of any other AIFC Regulations and any AIFC Rules as described in section 100 (Application of other laws to receivership and winding up), in the winding up of a Company the Company’s preferential debts must be paid in priority to all other debts.
(2) The Rules may make provision for or in relation to designating certain types of claim on a Company as preferential debts and to prescribing any priorities for their payment and as to the ranking of other claims.
67. Power to disclaim onerous property
(1) The Liquidator of a Company may, by giving the notice prescribed by the Rules, disclaim any onerous property and may do so even though the Liquidator has taken possession of it, endeavoured to sell it or otherwise exercised rights of ownership in relation to it.
(2) However, a Liquidator in a Members Voluntary Winding Up may not disclaim property.
(3) In this section:
onerous property means:
(a) any unprofitable contract; or
(b) any other property of the Company that is unsaleable or not readily saleable or may give rise to a liability to pay money or perform any other onerous act.
68. Notification that Company is in liquidation etc.
If a Company is being wound up (whether by the Court or voluntarily), every invoice, order for goods or services, or business letter, issued by or on behalf of the Company or a Liquidator of the Company, and on or in which the Company’s name appears, must contain a statement that the Company is being wound up.
69. Reports by Liquidator to Registrar
If the winding up of a Company is not concluded within 1 year, the Liquidator must, at the intervals prescribed by the Rules until the winding up is concluded, give the Registrar of Companies a report, in the form prescribed under the Rules, about the liquidation.
70. Reference of questions to Court
(1) The Liquidator of a Company, or any creditor, shareholder or other Person liable to contribute to the assets, of a Company, may apply to the Court for the Court to decide any question arising in the Company’s winding up.
(2) The Liquidator or any aggrieved Person may apply to the Court for an order in relation to the Exercise of the Liquidator’s Functions.
(3) On an application under this section, the Court may make the order that it considers just, including, if appropriate, an order enforcing or setting aside any direction given, or requirement made, by the Liquidator to or of a Person.
71. Dissolution and early dissolution
(1) Subsections (2) and (3) apply if the Liquidator of a Company that is being wound up has sent the Liquidator’s final account and return to creditors.
(2) At the end of 3 months after the day the final account and return is sent to creditors, the Company is taken to be dissolved.
(3) However, on the application of any Person who appears to the Court to be interested, the Court make an order deferring the dissolution of the Company for the time the Court considers appropriate.
(4) If the realisable assets of the Company are insufficient to cover the expenses of the winding up, and the affairs of the Company do not require any further investigation, the Liquidator may at any time apply to the Registrar of Companies for the early dissolution of the Company.
(5) Before making an application under subsection (4), the Liquidator must give at least 28 days notice of the Liquidator’s intention to make the application to the Company’s creditors and contributories.
PART 5: PROTECTION OF ASSETS IN LIQUIDATION
72. Fraud in anticipation of winding up
If a Company is being wound up (whether by the Court or voluntarily), section 79 (Remedies by Court to protect assets) applies to a past or present officer of the Company if the Person within 12 months immediately before the commencement of the winding up and with the intention of defrauding the creditors of the Company or concealing the state of the Company from any Person:
(a) concealed any part of the Company’s property to the value of U.S. $200 (or the equivalent them) or more; or concealed any debt due to or from the Company; or
(b) fraudulently removed any part of the Company’s property to the value of U.S. $200 (or the equivalent them) or more; or
(c) concealed, destroyed, mutilated, altered or falsified any register, book, paper, security or other Document affecting or relating to the Company’s property or affairs; or
(d) made any false or fraudulent entry in any register, book, security, paper or other Document affecting or relating to the Company’s property or affairs; or
(e) fraudulently parted with, altered or made any omission in any register, book, paper, security or other Document affecting or relating to the Company’s property or affairs; or
(f) pawned, pledged or disposed of any property of the Company that had been obtained on credit and had not been paid for (unless the pawning, pledging or disposal was in the ordinary course of the Company’s business).
73. Transactions in fraud of creditors
(1) If a Company is being wound up (whether by the Court or voluntarily), section 79 (Remedies by Court to protect assets) applies to a past or present officer of the Company if the Person, while an officer of the Company:
(a) made, or caused to be made, any gift or transfer of, or charge on, or caused or connived at the levying of any execution against, the Company’s property; or
(b) concealed or removed any part of the Company’s property on or after, or within 2 months before, the date of any unsatisfied judgement or order for the payment of money obtained against the Company.
(2) However, section 79 does not apply to the Person because of subsection (1) if the Person proves that, at the time the Person engaged in the conduct mentioned in that subsection, the Person had no intent to defraud the Company’s creditors.
74. Falsification of Company’s books etc.
If a Company is being wound up (whether by the Court or voluntarily), section 79 (Remedies by Court to protect assets) applies to a past or present officer of the Company, or a shareholder or other Person liable to contribute to the assets of the Company, if the Person does anything mentioned in section 72(c) to (e) with intent to defraud or deceive any Person.
75. Material omissions from statement relating to Company’s affairs
If a Company is being wound up (whether by the Court or voluntarily), section 79 (Remedies by Court to protect assets) applies to a past or present officer of the Company if the Person makes any material omission in any statement relating to the Company’s affairs with intent to defraud any Person.
76. False representations to creditors
(1) If a Company is being wound up (whether by the Court or voluntarily), section 79 (Remedies by Court to protect assets) applies to a past or present officer of the Company if the Person makes a false representation, or commits another fraud, for the purpose of obtaining the consent of the Company’s creditors, or any of them, to an agreement about the Company’s affairs or the winding up.
(2) The Person is taken to have made such a false representation if, before the winding up, the Person made any false representation, or committed any other fraud, for that purpose.
77. Fraudulent trading
If a Company is being wound up (whether by the Court or voluntarily), section 79 (Remedies by Court to protect assets) applies to a Person if:
(a) any business of the Company has been conducted with intent to defraud creditors of the Company or creditors of any other Person, or for any other fraudulent purpose; and
(b) the Person was knowingly a party to conducting the business with that intent or for that purpose.
78. Wrongful trading
If in the course of the winding up of a Company (whether by the Court or voluntarily) it appears that the Company has gone into insolvent liquidation and that, at some time before the commencement of the winding up of the Company, 1 or more directors of the Company knew, or ought to have known, that there was no reasonable prospect of the Company avoiding going into insolvent liquidation, section 79 (Remedies by Court to protect assets) applies to that director or those directors.
79. Remedies by Court to protect assets
The Court may, on application by any aggrieved Person in relation to a Company (including a Liquidator or Administrative Receiver of the Company), make the orders the Court considers appropriate in relation to a Person to whom this section applies, including any or all of the following orders:
(a) an order to return or pay to the Company any money or other property of the Company that the Person has misapplied or retained or become accountable for;
(b) an order to compensate the Company in relation to any misfeasance or breach of any fiduciary or other duty in relation to the Company;
(c) an order to make the contributions to the Company’s assets that the Court considers proper;
(d) an order requiring the Person to do, or not to do, anything.
80. Restriction on reuse of Company names
(1) If a Company (the liquidating Company) has gone into insolvent liquidation and a Person was a director or shadow director of the Company at any time in the 12 months ending on the day before it went into liquidation, the Person must not, within 5 years after the liquidation of the liquidating Company, be a director of, or have any connection with, another Company if the name of the other Company is:
(a) a name by which the liquidating Company was known at any time in that period of 12 months; or
(b) a name is so similar to a name mentioned in paragraph (a) as to suggest an association with the liquidating Company.
(2) Contravention of subsection (1) is punishable by a fine.
(3) A Person is personally responsible for all the relevant debts of a Company if the Person is, as at any time, involved in the management of the Company in Contravention of section (1).
PART 6: RECOGNISED AND FOREIGN COMPANIES
81. Proceedings in relation to Foreign Companies
(1) If a Foreign Company is the subject of insolvency proceedings in its jurisdiction of incorporation or formation, the Court must, on the request of a court of that jurisdiction, assist that court in gathering and remitting assets in the AIFC.
(2) The Rules may make provision for or in relation to the getting in of assets of Foreign Companies and other issues arising in the context of cooperation under subsection (1) with the courts of other jurisdictions.
82. Application of Part 6 to Recognised Companies
(1) This Part is additional to, and does not limit, any provisions of these Regulations or the Rules, or any other Acting Law of the AIFC in relation to insolvency and winding up, and a Liquidator or the Court may Exercise any Functions or do anything else in relation to a Recognised Company that might be Exercised or done by the Liquidator or Court in the winding up of a Company.
(2) A Recognised Company may be wound up under this Part even though it is being wound up, or has been dissolved, deregistered or otherwise ceased to exist as a body corporate, under the law of its place of origin.
83. Winding up of Recognised Companies
(1) Subject to this Part, a Recognised Company may be wound up under these Regulations, and these Regulations apply accordingly to a Recognised Company with the following changes:
(a) the place of business of the Recognised Company in the AIFC is taken, for the purposes of the winding up, to be the registered office of the Recognised Company;
(b) a Recognised Company must not to be wound up voluntarily under these Regulations;
(c) a Recognised Company may be wound up by the Court if:
(і) the Recognised Company is Unable to Pay its Debts, has been dissolved, deregistered or otherwise ceased to exist as a body corporate under the law of its place of origin, has ceased to conduct business in the AIFC, or has a place of business in the AIFC only for the purpose of winding up its affairs; or
(ii) the Court is of the opinion that it is just and equitable that the Recognised Company should be wound up;
(d) any other necessary changes and any changes prescribed by the Rules.
(2) A Person is a contributory to a Recognised Company that is being wound up, and is liable to contribute as contributory to the property of the Recognised Company, if:
(a) the Person is liable, on the Recognised Company being wound up, to pay, or contribute to the payment of:
(і) a debt or liability of the Recognised Company; or
(ii) any amount for the adjustment of the rights of the members among themselves; or
(iii) the costs and expenses of the winding up; or
(b) the Recognised Company has been dissolved, deregistered or otherwise ceased to exist as a body corporate under the law of in its place of origin—the Person was so liable immediately before it so ceased to exist.
(3) Any provision of these Regulations, the Rules, or any other AIFC Regulations or AIFC Rules, about staying or restraining legal proceedings against a Company at any time after the filing of an application for winding up and before the making of a winding up order extend, in the case of a Recognised Company if the application to stay or restrain is by a creditor, to legal proceedings against a contributory of the Recognised Company.
(4) If an order has been made for the winding up of a Recognised Company, no legal proceeding may be continued or commenced against a contributory of the Recognised Company in relation to a debt of the Recognised Company without the leave of the Court and subject to the terms that the Court may impose.
84. Outstanding property of dissolved etc. Recognised Company
(1) This section applies if, after the dissolution or deregistration of a Recognised Company, outstanding property of the Recognised Company remains in the AIFC.
(2) The estate and interest in the property of the Recognised Company or of its Liquidator at the time of the dissolution or deregistration, together with all claims, rights and remedies that the Recognised Company or the Liquidator then had in relation to the property, vests by force of this section in the AIFC.
(3) If any claim, right or remedy of a Liquidator may, under these Regulations or the Rules, be made, exercised or availed of only with the approval (however described) of the Court or another Person, the AIFC may, for this section, make, exercise or avail itself of the claim, right or remedy without the approval.
PART 7: OTHER TYPES OF COMPANY
85. Application of these Regulations to other types of Company
(1) If, for Part 11 (Other types of Company) of the AIFC Companies Regulations, a type of Company is prescribed under the Rules, the Rules may make provision for or in relation to:
(a) prescribing the following in relation to Companies of that type:
(і) the circumstances and way in which the Companies may enter into Voluntary Arrangements or receiverships or be wound up;
(ii) requirements or obligations in relation to the appointment of Insolvency Practitioners or Official Liquidators for them;
(iii) forms and procedures for Voluntary Arrangements or receiverships for, and the winding up of, the Companies; and
(b) extending, excluding, waiving or modifying the application of provisions of these Regulations or the Rules to facilitate the orderly application of insolvency law in relation to a Company of that type.
(2) Subject to any Rules made for subsection (1), these Regulations apply to a Company of a type to which that subsection applies except so far as any other AIFC Regulations or any AIFC Rules provide otherwise.
PART 8: APPLICATION OF THESE REGULATIONS TO LIMITED LIABILITY PARTNERSHIPS
86. Application to limited liability partnerships
(1) Unless the contrary intention appears, these Regulations and the Rules apply to Limited Liability Partnerships and Recognised Limited Liability Partnerships with the following modifications:
(a) a reference to a Company includes a reference to a limited liability partnership;
(b) a reference to a director or officer of a Company includes a reference to a member (however described) of a limited liability partnership;
(c) a reference to a provision of these Regulations, the AIFC Companies Regulations, or any other AIFC Regulations or any AIFC Rules, is a reference to that provision as it applies to a limited liability partnership in accordance with these Regulations;
(d) a reference to the articles of association of a Company includes a reference to the partnership agreement of a limited liability partnership;
(e) a reference to a resolution of a Company includes a reference to a decision of a limited liability partnership;
(f) a reference to a meeting of a Company includes a reference to a meeting of the members (however described) of a limited liability partnership;
(g) these Regulations are taken to have been made modified in accordance with the following provisions:
(і) in section 8(1), for ‘The directors of a Company’ substitute ‘A limited liability partnership’, and delete ‘to the Company and’;
(ii) in section 8(2), for ‘The directors’ substitute ‘The limited liability partnership’;
(iii) in section 9(1), for ‘The directors of a Company’ substitute ‘A limited liability partnership’:
(iv) omit section 10(3);
(v) for section 26, substitute the following:
‘A limited liability partnership may be wound up voluntarily if it decides that it should be wound up voluntarily.’;
(vi) in section 31, for ‘directors’ (wherever appearing) substitute ‘Designated Members (however described)’, and for ‘director’ (wherever appearing) substitute ‘Designated Member’;
(vii) in section 32(2), for ‘directors’ substitute ‘Designated Members (however described)’;
(viii) in section 40, for ‘directors’ (wherever appearing) substitute ‘Designated Members (however described)’;
(ix) in section 51, for ‘directors’ substitute ‘Designated Members (however described)’;
(x) in section 53, for ‘any transfer of shares’ substitute ‘any transfer by a member (however described) of the limited liability partnership of the member’s interest in the partnership’s property’;
(xi) in sections 72 to 76, for ‘officer of the Company’ substitute ‘member (however described) of the limited liability partnership’;
(xii) in section 78, for ‘directors of the Company’ substitute ‘members (however described) of the limited liability partnership’, and for ‘that director or those directors’ substitute ‘that member or those members’;
(h) all other necessary modifications and any modifications prescribed by the Rules.
(2) A reference in subsection (1) (or in any provision of these Regulations modified in accordance with that subsection) to a limited liability partnership is a reference to a Limited Liability Partnership or Recognised Limited Liability Partnership, as the case requires.
PART 9: INSOLVENCY PRACTITIONERS
87. Restrictions on appointment as liquidator, receiver etc.
(1) A Person must not be appointed or act as a Receiver, Administrative Receiver or Liquidator of a Company under these Regulations, the Rules, or any other AIFC Regulations or AIFC Rules, unless the Person is registered as an insolvency practitioner under this Part.
(2) Without limiting subsection (1), unless a Person who is an Insolvency Practitioner is further registered as an official liquidator under this Part, the Person must not be appointed as:
(a) a liquidator under section 57 (Choice of Liquidator by Court or meetings of creditors and contributories); or
(b) a provisional liquidator under section 58 (Appointment of Provisional Liquidator).
(3) The registration of an Insolvency Practitioner as an Official Liquidator constitutes an acknowledgement by the Insolvency Practitioner that the Insolvency Practitioner will “in principle” accept any appointment made by the Court as a liquidator or provisional liquidator of a Company in accordance with any rules of procedure that may be made by the Court.
88. Qualification and registration of Insolvency Practitioners and Official Liquidators
(1) The Rules must prescribe criteria that a Person must meet to be registered as an insolvency practitioner or official liquidator. The Rules may include requirements relating to the qualifications, experience and fitness and propriety of applicants for registration.
(2) The Rules may provide for requirements mentioned in subsection (2) to be varied for applicants who are, at the time of application, regulated in a jurisdiction outside the AIFC.
(3) The Registrar of Companies may:
(a) grant or refuse to grant an application for registration as an insolvency practitioner or official liquidator; and
(b) impose any restrictions or conditions on granting registration.
(4) A Person registered as an insolvency practitioner or official liquidator must act within the scope of the Person’s registration and comply with any restrictions and conditions imposed on the registration.
(5) The Registrar of Companies may, by Written notice given to a Person registered as an insolvency practitioner or official liquidator on the Registrar’s own initiative or at the request of the Person’s:
(a) impose restrictions or conditions on the Person’s registration; or
(b) vary or withdraw any restrictions or conditions imposed on the Person’s registration; or
(c) suspend, cancel or otherwise withdraw the Person’s registration.
(6) In making a decision under this section, the Registrar of Companies must comply with any Rules applying in relation to the making of the decision.
89. Register of insolvency practitioners and official liquidators
(1) The Registrar of Companies must keep and publish registers of current and past registrations of insolvency practitioners and official liquidators in accordance with any requirements prescribed by the Rules.
(2) The Registrar of Companies must make a reasonably current version of each register kept under subsection (1) freely available for viewing by the public during the normal business hours of the Registrar.
90. Obligation of disclosure to Registrar
(1) An Insolvency Practitioner (including an Official Receiver) appointed for a Company must disclose to the Registrar of Companies any matter that reasonably tends to show:
(a) that the Company has or may have Contravened these Regulations (within the meaning given by section 169 of the AIFC Companies Regulations);
(b) anything else prescribed by the Rules or any other Legislation Administered by the Registrar.
(2) Contravention of subsection (1) is punishable by a fine.
(3) Subsection (1) does not require the disclosure of a privileged communication
(4) Any provision in an agreement between a Company and an officer, employee or agent of the Company or an Insolvency Practitioner is void so far as it purports to hinder any Person from causing or assisting an Insolvency Practitioner to comply with subsection (1).
(5) A Person must not be subjected to detriment, loss or damage only because the Person does anything to cause or assist an Insolvency Practitioner to comply with subsection (1).
(6) The Court may, on application of an aggrieved Person, make any order for relief if the Person has been subjected to any detriment, loss or damage mentioned in subsection (5).
(7) Without limiting any other provision of these Regulations, the Rules or any other Legislation Administered by the Registrar, an Insolvency Practitioner does not Contravene any duty to which the Insolvency Practitioner is subject only because the Insolvency Practitioner:
(a) makes a disclosure under subsection (1); or
(b) gives the Registrar of Companies any other information or opinion in relation to a matter to which the disclosure applies or any related matter,
if the Insolvency Practitioner is acting in good faith and reasonably believes that the notification, information or opinion is relevant to any functions of the Registrar.
(8) In this section:
privileged communication means a communication attracting a privilege arising from the provision of professional legal advice or any other advice to which the relationship of lawyer and client or other similar relationship applies, but does not include a communication to which a general duty of confidentiality only applies.
91. Supervision of Insolvency Practitioners
(1) This section applies if the Court is satisfied, on the application of the Registrar of Companies, that an Insolvency Practitioner:
(a) has Contravened these Regulations (within the meaning given by section 169 of the AIFC Companies Regulations); or
(b) has Failed, whether within or outside the AIFC, to Exercise any Functions adequately or properly; or
(c) is otherwise not a fit and proper Person to remain an Insolvency Practitioner or, if applicable, an Official Liquidator.
(2) The Court may make 1 or more of the following orders:
(a) an order that the Registrar of Companies may cancel, suspend for a stated period, or impose stated restrictions or conditions on, the Person’s registration as an insolvency practitioner or official liquidator (or, if applicable, both);
(b) an order imposing restrictions or conditions on the Person’s future conduct as an Insolvency Practitioner or Official Liquidator (or, if applicable, both);
(c) an order requiring the Person to do, or refrain from doing, anything;
(d) any other order the Court considers appropriate.
(3) This section does not affect the powers that any Person or the Court may have apart from this section.
PART 10: MISCELLANEOUS
92. Rules made in relation to these Regulations
The Rules may make provision for or in relation to:
(a) practices and procedures under these Regulations, including voting and results of voting at meetings, the valuation of liabilities, the ranking of debts (other than preferential debts), and the identification and application of assets and the Functions of creditors’ and liquidation committees; and
(b) extending, excluding, waiving or modifying the application of provisions of these Regulations for the purpose of amending the Functions or responsibilities of any Person under these Regulations.
93. Getting in Company’s property
(1) This section applies in relation to a Company if:
(a) a Receiver, Administrative Receiver or Provisional Liquidator is appointed for the Company; or
(b) the Company Goes into Liquidation.
(2) If any Person has in the Person’s possession or control any property, books, papers, records or anything else to which the Company appears to be entitled, the Court may, on application by an Administrator of the Company, require the Person to give (however described) the thing to the Administrator.
(3) If an Administrator of the Company:
(a) seizes or disposes of any property that is not property of the Company; and
(b) at the time of seizure or disposal believes, and has reasonable grounds for believing, that the Administrator is entitled (whether under a Court order or otherwise) to seize or dispose of the property;
the Administrator is not liable to any Person in relation to any loss or damage resulting from the seizure or disposal (except so far as the loss or damage is caused by the Administrator’s own negligence), and has a lien on the property, or the proceeds of its sale, for the expenses incurred by the Administrator in connection with the seizure or disposal.
94. Duty to cooperate with Administrator
(1) This section applies in relation to a Company (the relevant Company) if:
(a) a Receiver, Administrative Receiver or Provisional Liquidator is appointed for the Company; or
(b) the Company Goes into Liquidation.
(2) A Person to whom subsection (3) applies must:
(a) attend on the Administrator of the Company at the times the Administrator may reasonably require; and
(b) give the Administrator the information about the Company, and its promotion, formation, business, dealings, affairs or property, as the Administrator reasonably requires.
(3) This subsection applies to the following Persons:
(a) a Person who is, or has at any time been, an officer of the Company;
(b) a Person who took part in the formation of the Company if the formation happened at any time within 1 year before the effective date;
(c) a Person who is in the Company’s employment, or was in its employment at any time within that year, and may be able, in the Administrator’s opinion, to give the Administrator information that the Administrator needs;