Article 181 - Administration and winding up of Branches
(1) Subject to this Part 7, a
Branch may be subject to administration and winding up under these Regulations and these Regulations apply accordingly to a Branch with such adaptations as are necessary, including the following:
(A) the place of business of a
Branch in the QFC as notified to the CRO is taken, for all the purposes of these Regulations, to be the registered office of the Branch; and
Branch is not to be wound up voluntarily under these Regulations.
(2) On a
Branch being wound up, every person who:
(A) in any case is liable to pay or contribute to the payment of:
(i) a debt or liability of a
(ii) any sum for the adjustment of the rights of the members among themselves; or
(iii) the costs and expenses of the winding up; or
(B) if the
Branch has been dissolved or deregistered in its place of origin was so liable immediately before the dissolution or deregistration
is a contributory and every contributory is liable to contribute to the property of the
Branch all sums due from the contributory in respect of any such liability.
(3) Any provisions of these
Regulations and any other Regulations with respect to staying and restraining actions and other civil proceedings against a Branch at any time either after the filing of an application for an Administration Order or the giving of notice of an intention to appoint an Administrator and before the appointment of an Administrator, or after the filing of an application for winding up and before the making of a winding up order extend, in the case of a Branch where the application to stay or restrain is by a creditor, to actions and other civil proceedings against a contributory of the Branch.
(4) Where an order has been made for the winding up of a
Branch, no action or other civil proceeding is to be proceeded with or commenced against a contributory of a Branch in respect of a debt of the Branch except by leave of the QFC Court and subject to such terms as the QFC Court may impose.