Article 107 - Provisions in relation to winding up of PCC

(1) Notwithstanding any statutory provision or rule of law to the contrary, in the winding up of a PCC (whether compulsory or voluntary or subject to the supervision of the QFC Civil and Commercial Court and whether solvent or insolvent):
(A) the assets forming part of the estate shall only be the Non-Cellular Assets;
(B) the winding up shall not terminate any agency, or in any way whatsoever affect the authority or power, of any Officer, administrator, servant or agent of the PCC or any other person appointed over the PCC or any of the Cellular Assets; and
(C) if and to the extent that any liquidator of the PCC has any dealing with, or has possession custody or control of, any of the Cellular Assets, he shall be subject to the duty set out in Article 95(2) as if he were a director.
Amended by QFCA RM2012-1 (as from 11th April 2012)