Investment Intermediaries Act, 1995
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Winding-up on application to Court. |
22.—(1) Notwithstanding section 215 of the Companies Act, 1963 , a supervisory authority may, by presenting a petition, apply to the Court to have an authorised investment business firm or former authorised investment business firm wound up on any of the following grounds, namely that— | |
(a) an authorised investment business firm or former authorised investment business firm is or, in the opinion of the supervisory authority, may be unable to meet its obligations to its clients or creditors, | ||
(b) the authorisation of the investment business firm has been revoked and the former authorised investment business firm has ceased to operate as an investment business firm, | ||
(c) the supervisory authority considers that it is in the interest of the proper and orderly regulation and supervision of investment business firms or is necessary for the protection of investors that the authorised investment business firm or former authorised investment business firm be wound up, | ||
(d) an authorised investment business firm or a former authorised investment business firm has failed to comply with any direction given by the supervisory authority under this Act. | ||
(2) Where the petition for the winding-up of an authorised investment business firm or former authorised investment business firm is presented by a person other than the supervisory authority, a copy of the petition shall be served on the supervisory authority which shall be entitled to be heard on the petition. | ||
(3) Where an authorised investment business firm or former authorised investment business firm is being wound up voluntarily and the supervisory authority has reason to believe that any of the grounds set out in subsection (1) of this section applies, then, the supervisory authority may apply to the Court to have that investment business firm wound up by the Court. | ||
(4) Where an authorised investment business firm or former authorised investment business firm is being wound up and the supervisory authority is not a creditor any notice or document, by whatever name called, which is required to be sent to a creditor of the authorised investment business firm or former authorised investment business firm shall be sent also to the supervisory authority. | ||
(5) An officer of the supervisory authority, or any other person, duly appointed in writing in that behalf by the Minister for Enterprise and Employment or the Governor of the Bank or by an officer designated by that Minister or that Governor for the purpose of appointing persons under this section, may attend any meeting of creditors of an authorised investment business firm or former authorised investment business firm. | ||
(6) (a) The Minister for Enterprise and Employment or the Governor of the Bank, or an officer designated by the said Minister or Governor for that purpose, may appoint in writing an officer of a supervisory authority or any other person to be a member of any committee of inspection appointed under section 233 or 268 of the Companies Act, 1963 , in respect of the authorised investment business firm or former authorised investment business firm. | ||
(b) A person duly appointed under paragraph (a) of this subsection shall neither be counted in computing the minimum or maximum numbers of members of such a committee prescribed under the Companies Acts, nor be removed from membership of the committee without the consent of the supervisory authority. | ||
(7) The rules of Court relating to the winding-up of companies shall, pending the making of rules of Court for the purposes of this subsection, apply for such purposes with such adaptations as may be necessary. | ||
(8) In the case of an authorised investment business firm or a former authorised investment business firm which is constituted as an unincorporated body of persons, the supervisory authority may apply by petition to the Court for a decree of dissolution and for that purpose, section 35 of the Partnership Act, 1890 , shall extend to the supervisory authority and shall apply as if the grounds specified in subsection (1) (a) to (d) of this section were incorporated therein. | ||
(9) In the case of an authorised investment business firm or a former authorised investment business firm which is constituted as an individual person, the supervisory authority may apply by petition to the Court for an adjudication of bankruptcy within the meaning of the Bankruptcy Act, 1988 , and the Bankruptcy Act, 1988 shall apply as if the grounds specified in subsection (1) (a) to (d) of this section were acts of bankruptcy (within the meaning of the Bankruptcy Act, 1988 ). |