3.5.1 Circumstances in which an application must be withdrawn
1) This Rule applies if, at any time on or after the day on which a Company makes an application under Rule 3.1.1 and before the day on which the application is finally dealt with or withdrawn:
(A) the Company;
i) changes its name;
ii) trades or otherwise carries on business;
iii) makes a disposal for value of any property or rights other than those which it was necessary or expedient for it to hold for the purpose of making, or proceeding with, an application under that Rule; or
iv) engages in any activity, except one to which subsection (4) applies.
(B) an arrangement in relation to the Company is being proposed under Part 2 Section 8 of the Insolvency Regulations and the matter has not been finally concluded;
(C) 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);
(D) an Administrator is appointed under Part 2 of the Insolvency Regulations; or
(E) 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or by the QFC Court, or an application under that Part for winding up is being presented and not finally dealt with or withdrawn.
2) A person who, at the end of a day on which any of the events mentioned in subsection (1) occurs, is a director of the Company must secure that the Company's application is withdrawn forthwith.
3) For the purposes of subsection (1)(A), a Company is not 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.
4) The excepted activities referred to in subsection (1)(A)(iv) are any activity which is:
(A) necessary or expedient for the purpose of making an application under Rule 3.1.1, or deciding whether to do so;
(B) necessary or expedient for the purpose of concluding the affairs of the Company; or
(C) necessary or expedient for the purpose of complying with any statutory requirement.
5) A failure to withdraw an application in contravention of this Rule amounts to a contravention of the Companies Regulations.