2.2.3. Application of the QFC Insolvency Regulations
A Special Purpose Company is subject to the provisions of the QFC Insolvency Regulations, subject to certain modifications and exemptions:
(A) a Special Purpose Company can only be wound up voluntarily under Article 58 if it has no outstanding liabilities;
(B) in relation to a Special Purpose Company, any reference to "the Company's property" is a reference to any property of the Special Purpose Company other than property under administration;
(C) a Special Purpose Company has no preferential debts or preferential creditors within the meaning of Article 148;
(D) Special Purpose Company Activities and any obligations arising from such activities are exempt from the liquidator's power to disclaim onerous property under Article 92; and
(E) a Special Purpose Company is exempt from Article 143 (Preferences) and Article 145 (Invalid security interests).
|Amended (as from 19th October 2017).|