• 3.3 3.3 Circumstances in which an application must not be made

    • 3.3.1 Activities of Company

      1) An application under Rule 3.1.1 on behalf of a Company must not be made if, at any time in the immediately preceding three months, the Company has:
      (A) changed its name;
      (B) traded or otherwise carried on business;
      (C) made a disposal for value of property or rights that, immediately before ceasing to trade or otherwise carry on business, it held for the purpose of disposal for gain in the normal course of trading or otherwise carrying on business; or
      (D) engaged in any other activity, except one which is:
      i) necessary or expedient for the purpose of making an application under that Rule, or deciding whether to do so;
      ii) necessary or expedient for the purpose of concluding the affairs of the Company
      iii) necessary or expedient for the purpose of complying with any statutory requirement.
      2) For the purposes of this Rule, a Company is not to be treated as trading or otherwise carrying on business by virtue only of the fact that it makes a payment in respect of a liability incurred in the course of trading or otherwise carrying on business.
      3) An application made in contravention of this Rule amounts to a contravention of the Companies Regulations.

    • 3.3.2 Other proceedings not concluded

      1) An application under Rule 3.1.1 on behalf of a Company must not be made at a time when:
      (A) an Arrangement in relation to the Company has been proposed under Part 2 Section 8 of the Insolvency Regulations and the matter has not been finally concluded;
      (B) Article 26 of the Insolvency Regulations applies (interim moratorium where an application for an Administration Order has been made or notice of intention to appoint an Administrator has been filed);
      (C) the Company is in administration under Part 2 of the Insolvency Regulations; or
      (D) the Company is being wound up under Part 3 of the Insolvency Regulations, whether voluntarily or by the QFC Court, or an application under that Part for winding up has been presented and not finally dealt with or withdrawn.
      2) For the purposes of (1)(A), the matter is finally concluded if:
      (A) no meetings are to be summoned,
      (B) meetings summoned under that section fail to approve the arrangement with no, or the same, modifications,
      (C) an arrangement approved by meetings summoned under that section has been fully implemented, or
      (D) the QFC Court makes an order revoking approval given at previous meetings and, if the QFC Court gives any directions, the Company has done whatever it is required to do under those directions.
      3) An application made in contravention of this Rule amounts to a contravention of the Companies Regulations.