• Section 1: Section 1: General

    • Article 56 - Alternative modes of winding up

      (1) The winding up of a Company may be either voluntary or by order of the QFC Court.
      (2) This Section relates to winding up generally, except where otherwise stated.

    • Article 57 - Powers of Liquidator

      (1) Any Liquidator appointed in a winding up shall have the powers set out in Schedule 1.
      (2) An officer of a Company who:
      (A) fails to do whatever the Liquidator reasonably requires the officer to do to assist in the winding up;
      (B) fails to comply with any reasonable direction given to the officer by the Liquidator pursuant to his powers in Schedule 1; or
      (C) hinders or obstructs a Liquidator in the performance of his powers or functions
      commits a contravention and is liable to a financial penalty.
      (3) In this Article 57, an "officer" in relation to a Company means a person who is, or has been but is no longer, a director, a secretary, an employee involved in the management of the Company, an Administrator, a Supervisor in relation to an Arrangement, a Liquidator or a provisional Liquidator.
      (4) A Liquidator may exercise his powers under these Regulations and other Regulations in respect of any person in, or out of, the QFC.
      (5) In exercising such powers, the Liquidator shall comply with local requirements relevant to the exercise of those powers including, where appropriate, informing or proceeding in collaboration with a local regulator or authority.