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) |