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  Versions
(2 versions)
 
Apr 18 2006 - Jul 31 2006Aug 1 2006 - Jul 11 2010

65. Winding up by order of the Court



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Past version: effective from Aug 1 2006 - Jul 11 2010.
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(1) The Court may order the winding up of a Domestic Fund if:
(a) in contravention of this Law, the Operator of the Fund has not been granted consent to incorporate or register the Fund as an Investment Company, or Investment Partnership, as the case may be, or has not so incorporated or registered;
(b) in contravention of Part 7 of this Law, the Fund has not been registered with the DFSA or the DFSA has withdrawn the registration of a Fund;
(c) there is a stop order in effect in relation to the Fund and the Operator is unable to comply with the requirements of this Law, or any other Law administered by the DFSA;
(d) the Operator or other member of the Fund's Governing Body or where appointed the Trustee believes on reasonable grounds that a scheme of arrangement is not practical or possible;
(e) the Court thinks it is just and equitable to make the order; or
(f) within 3 months before the application for the order was made, execution or other process was issued on a judgment, decree or order obtained in the Court or in any other court (whether in the United Arab Emirates or otherwise) which is final and not subject to appeal in favour of a creditor of, and against, the Fund or the Operator in its capacity as the Operator of the Fund and the execution or process has been returned unsatisfied.
(2) The Court may make any orders it considers appropriate for the winding up of the Domestic Fund, including but not limited to:
(a) an order appointing a person other than the Operator or where appointed the Trustee to take responsibility for ensuring the Fund is wound up in accordance with its Constitution and any orders under this Article as the Court thinks expedient (including for the reason that the Operator or Trustee has ceased to exist or is not properly discharging its obligations in relation to the winding up); and
(b) directions as to how the Fund is to be wound up including for the reason that the provisions in the Fund's Constitution are inadequate or impracticable.
(3) Orders under Article 65(1)(a), (b) or (c) or (2) may be made on the application of:
(a) the Operator or other members of the Governing Body of the Fund;
(b) the Trustee;
(c) the auditor of the Fund;
(d) a Unitholder in the Fund; or
(e) the DFSA.
(4) An order under Article 62(1)(e) may be made on the application of a creditor.