PART 7: PART 7: Branches
Article 180 - Application of these Regulations in relation to Branches
This Part has effect in addition to, and not in derogation of any provisions contained in these
Regulationsor any other QFClegislation in relation to insolvency and winding up, and the Administrator, Supervisor, Liquidator, the QFC Authorityor the QFC Courtmay exercise any powers or do any act in the case of a Branchthat might be exercised or done by him or it in respect of a Company.
Article 181 - Administration and winding up of Branches(1) Subject to this Part 7, a
Branchmay be subject to administration and winding up under these Regulationsand these Regulationsapply accordingly to a Branchwith such adaptations as are necessary, including the following:(A) the place of business of a Branchin the QFCas notified to the CROis taken, for all the purposes of these Regulations, to be the registered office of the Branch; and(B) a Branchis not to be wound up voluntarily under these Regulations.(2) On a Branchbeing wound up, every person who:(A) in any case is liable to pay or contribute to the payment of:(i) a debt or liability of a Branch;(ii) any sum for the adjustment of the rights of the members among themselves; or(iii) the costs and expenses of the winding up; or(B) if the Branchhas been dissolved or deregistered in its place of origin was so liable immediately before the dissolution or deregistrationis a contributory and every contributory is liable to contribute to the property of the Branchall sums due from the contributory in respect of any such liability.(3) Any provisions of these Regulationsand any other Regulationswith respect to staying and restraining actions and other civil proceedings against a Branchat any time either after the filing of an application for an Administration Orderor the giving of notice of an intention to appoint an Administratorand before the appointment of an Administrator, or after the filing of an application for winding up and before the making of a winding up order extend, in the case of a Branchwhere the application to stay or restrain is by a creditor, to actions and other civil proceedings against a contributory of the Branch.(4) Where an order has been made for the winding up of a Branch, no action or other civil proceeding is to be proceeded with or commenced against a contributory of a Branchin respect of a debt of the Branchexcept by leave of the QFC Courtand subject to such terms as the QFC Courtmay impose.