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QFC Reg No 5 – Insolvency Regulations
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Enactment Notice
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PART 1:
Application, Commencement and Interpretation
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Article 1 - Citation
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Article 2 - Application
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Article 3 - Commencement
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Article 4 - Language
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Article 5 - Interpretation
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PART 2:
Administration
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Section 1: Purpose of Administration
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Article 6 - Administrators
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Article 7 - Purposes of administration
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Section 2: Application for, and making of, the Administration Order
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Article 8 - Administration Order
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Article 9 - Application for order
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Article 10 - Witness statement to support application
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Article 11 - Independent report on Company's affairs
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Article 12 - Contents of witness statement
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Article 13 - Form of application
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Article 14 - Filing of application
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Article 15 - Service of application
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Article 16 - Manner in which service to be effected
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Article 17 - Proof of service
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Article 18 - The hearing
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Article 19 - Notice and advertisement of Administration Order
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Section 3: Appointment by Secured Creditor
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Article 20 - Appointment by Secured Creditor
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Article 21 - Notice of appointment
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Article 22 - Appointment out of QFC Court business hours
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Section 4: Appointment by Company or Directors
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Article 23 - Appointment of Administrator by a Company or its Directors
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Article 24 - Notice of intention to appoint
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Article 25 - Notice of appointment
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Section 5: Effect of Application and Appointment
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Article 26 - Effect of application: interim moratorium
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Article 27 - Effect of appointment
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Article 28 - Notification of administration
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Article 29 - Joint and concurrent Administrators
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Article 30 - Appointment of Administrators
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Article 31 - General powers
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Article 32 - Power to deal with property subject to a Security Interest, etc.
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Article 33 - General duties
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Article 34 - Court application by Administrator to discharge administration
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Article 35 - Vacation of office
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Article 36 - Release of Administrator
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Section 6: Ascertainment and Investigation of Company's Affairs
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Article 37 - Information to be given by Administrator
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Article 38 - Statement of affairs to be submitted to Administrator
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Section 7: Administrator's Proposals
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Article 39 - Statement of proposals
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Article 40 - Consideration of proposals by creditors' meeting
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Article 41 - Meeting to consider Administrator's proposals
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Article 42 - Approval of substantial revisions
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Article 43 - Creditors' Committee
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Article 44 - Protection of interests of creditors and members
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Article 45 - Statement to be annexed to proposals
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Article 46 - Reports and notices under Articles 40 and 42
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Article 47 - Notice to creditors
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Article 48 - Duration and extension of administration
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Article 49 - Moving from administration to creditors' voluntary Liquidation
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Article 50 - Moving from administration to dissolution
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Section 8: Company Arrangements
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Article 51 - Company Arrangements
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Article 52 - Summoning of meetings
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Article 53 - Decisions of meetings
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Article 54 - Effect of approval
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Article 55 - Implementation of proposal
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PART 3:
Winding Up
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Section 1: General
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Article 56 - Alternative modes of winding up
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Article 57 - Powers of Liquidator
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Section 2: Voluntary Winding Up
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Article 58 - Circumstances in which a company may be wound up voluntarily
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Article 59 - Notice of resolution to wind up
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Article 60 - Commencement of winding up
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Article 61 - Effect on business and status of Company
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Article 62 - Avoidance of share transfers and membership changes after winding up resolution
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Article 63 - Declaration of solvency
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Article 64 - Distinction between 'Members' and 'Creditors' Voluntary Winding Up
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Section 2A: Members' Voluntary Winding Up
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Article 64A - Application of this section
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Article 65 - Appointment of Liquidator
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Article 66 - General Company meeting at each year's end
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Article 67 - Final meeting prior to dissolution
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Article 68 - Effect of Company's Insolvency
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Article 69 - Conversion to Creditors' Voluntary Winding Up
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Section 3: Creditors' Voluntary Winding Up
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Article 70 - Application of this Section
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Article 71 - Meeting of creditors
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Article 72 - Appointment of Creditors' Committee
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Article 73 - Directors' powers
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Article 74 - Vacancy in office of Liquidator
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Article 75 - Progress report to the Company and creditors' at year's end
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Article 76 - Final meeting prior to dissolution
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Section 4: Compulsory Winding Up
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Article 77 - Circumstances in which Company may be wound up by the QFC Court
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Article 78 - Definition of inability to pay debts
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Article 79 - Application for winding up
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Article 80 - Application for winding up on grounds of interests to the QFC
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Article 81 - Voiding of property dispositions and alteration of membership
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Article 82 - Consequences of winding-up order
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Article 83 - Choice of Liquidator at meetings of creditors and contributories
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Article 83A - Directors' powers
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Article 84 - Appointment of provisional Liquidator
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Article 85 - Creditors Committee
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Article 86 - Power to stay winding up
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PART 4:
Provisions Applying to Liquidations Generally
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Section 1: General Provisions
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Article 87 - Commencement of winding up
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Article 88 - General functions of the Liquidator in winding up by the QFC Court
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Article 89 - Appointment or removal of Liquidator by the QFC Court
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Article 90 - Power to exclude creditors not proving in time
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Article 91 - Distribution of Company's property and priority of payments in a winding up
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Article 92 - Power to disclaim onerous property
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Article 93 - Notification that Company is in Liquidation
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Article 94 - [Deleted]
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Article 95 - Reference of questions to the QFC Court
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Article 96 - Dissolution and early dissolution
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Article 97 - Fraud in anticipation of winding up
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Article 97A - Misconduct in the course of winding up
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Article 98 - Transactions in fraud of creditors
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Article 99 - Falsification of Company's books
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Article 100 - Material omissions from statement relating to Company's affairs
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Article 101 - False representations to creditors
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Article 102 - Fraudulent trading
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Article 103 - Wrongful trading
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Article 104 - Shadow Directors
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Article 105 - Summary remedy against delinquent directors, Liquidators, etc.
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Article 106 - Restriction on re-use of Company names
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Article 107 - Mutual credit and set-off
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Article 108 - Remuneration of Liquidators
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Article 109 - Company Arrangement in Liquidation
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Article 109A - Release of Liquidators
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PART 5:
Provisions Relating to Administration, Liquidations and Company Arrangements
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Section 1: Application to Officeholders
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Article 110 - Scope of this Part
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Section 2: Creditors' and Company Meetings
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Article 111 - Creditors' meetings generally
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Article 112 - The chairman at meetings
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Article 113 - Entitlement to vote
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Article 114 - Admisssion and rejection of claims
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Article 115 - Secured Creditors
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Article 116 - Retention of title creditors
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Article 117 - Hire-purchase, conditional sale and leasing agreements
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Article 118 - Resolutions and minutes
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Article 119 - Creditors' meetings conducted by correspondence
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Article 120 - Venue and conduct of Company meetings
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Section 3: The Creditors' Committee
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Article 121 - Constitution of committee
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Article 122 - Formalities of establishment
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Article 123 - Functions and meetings of the committee
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Article 124 - The chairman at meetings
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Article 125 - Quorum
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Article 126 - Committee-members' representatives
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Article 127 - Resignation
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Article 128 - Termination of membership
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Article 129 - Removal
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Article 130 - Vacancies
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Article 131 - Procedure at meetings
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Article 132 - Resolutions by post
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Article 133 - Expenses of members
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Article 134 - Formal defects
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Section 4: The Officeholder
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Article 135 - Fixing of remuneration
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Article 136 - Recourse to meeting of creditors
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Article 137 - Recourse to the QFC Court
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Article 138 - Creditors' claim that remuneration is excessive
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Article 139 - Abstract of receipts and payments
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Article 140 - Resignation
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Article 141 - Offficeholder deceased
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Article 141A - Misfeasance
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Section 5: Antecedent Transactions
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Article 142 - Transactions at an undervalue
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Article 143 - Preferences
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Article 144 - Relevant time under Articles 142 and 143
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Article 145 - Invalid security interests
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Section 6: Cooperation with Officeholder
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Article 146 - Getting in the Company's property
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Article 147 - Duty to co-operate with officeholder
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Article 147A - Inquiry into Company's dealings
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Section 7: Miscellaneous
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Article 148 - Preferential Debts
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Article 149 - QFC Court rules and practice to apply
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Section 8: Proof of Debts
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Article 149A - Proving a debt
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Article 149B - Cost of proving
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Article 149C - Officeholder to allow inspections of proofs
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Article 149D - Admission and rejection of proofs for dividend
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Article 149E - Appeal against decision on proof
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Article 149F - Withdrawal or variation of proof
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Article 149G - Expunging of proof by the QFC Court
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Section 9: Declaration and Payment of Dividends
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Article 149H - Notice of proposed dividend
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Article 149I - Declaration of dividend
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Article 149J - Notice of declaration of a dividend
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Article 149K - Payment of dividend
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Article 149L - Notice of no, or no further, dividend
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PART 6:
Proceedings in Respect of non-QFC Companies
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Section 1: Introduction
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Article 150 - Scope of Application
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Article 151 - Definitions
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Article 152 - International obligations of this State
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Article 153 - Competent QFC Court
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Article 154 - Authorisation of Administrator, Supervisor or Liquidator to act outside the QFC
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Article 155 - Public policy exception
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Article 156 - Additional assistance under other laws
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Article 157 - Interpretation
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Section 2: Access of non-QFC Representatives and Creditors to QFC Court
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Article 158 - Right of direct access
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Article 159 - Limited jurisdiction
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Article 160 - Application by a non-QFC representative to commence a proceeding under these Regulations
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Article 161 - Participation of a non-QFC representative in a proceeding under these Regulations
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Article 162 - Access of non-QFC creditors to a proceeding under these Regulations
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Section 3: Recognition of a non-QFC Proceeding and Relief
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Article 163 - Application for recognition of a non-QFC proceeding
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Article 164 - Presumptions concerning recognition
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Article 165 - Decision to recognise a non-QFC proceeding
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Article 166 - Subsequent information
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Article 167 - Relief that may be granted upon application for recognition of a non-QFC proceeding
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Article 168 - Relief that may be granted upon recognition of a non-QFC proceeding
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Article 169 - Protection of creditors and other interested persons
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Article 170 - Actions to avoid acts detrimental to creditors
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Article 171 - Intervention by a non-QFC representative in proceedings in the QFC
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Section 4: Cooperation with Courts and non-QFC Representatives
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Article 172 - Cooperation and direct communication between the QFC Court and courts or non-QFC representatives
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Article 173 - Cooperation and direct communication between the Administrator or Liquidator and courts of non-QFC representatives
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Article 174 - Forms of cooperation
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Section 5: Concurrent Proceedings
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Article 175 - Commencement of a proceeding under these Regulations after recognition of a non-QFC main proceeding
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Article 176 - Coordination of a proceeding under these Regulations and a non-QFC proceeding
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Article 177 - Coordination of more than one non-QFC proceeding
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Article 178 - Presumption of insolvency based on recognition of a non-QFC proceeding
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Article 179 - Rule of payment in concurrent proceedings
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PART 7:
Branches
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Article 180 - Application of these Regulations in relation to Branches
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Article 181 - Administration and winding up of Branches
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PART 8:
Other types of Company
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Article 182 - Application of the QFC Law to other types of Company
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PART 9:
Application of the Law to Limited Liability Partnerships
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Article 183 - Application to Limited Liability Partnerships
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PART 10:
Insolvency Practitioners
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Article 184 - Restrictions on service as Administrator, Supervisor of Liquidator
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Article 185 - Qualification and registration of insolvency practitioners
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Article 186 - Register of insolvency practitioners and official Liquidators
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Article 187 - Obligation of disclosure to the CRO
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Article 188 - Supervision of insolvency practitioners
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Article 189 - Conflicts of interest
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PART 11:
Miscellaneous
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Article 190 - Application of other laws in relation to winding up
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Article 191 - Power of the QFC Court to declare dissolution of Company void
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Article 192 - Proceedings against re-instated companies
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Article 193 - Contraventions and administrative notice of financial penalty
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PART 12:
Financial Markets and Insolvency
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Article 194 - Introduction
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Article 195 - Market contracts
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Article 196 - Modification of the law of insolvency
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Article 197 - Proceedings of exchange or clearing house take precedence over insolvency procedures
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Article 198 - Duty to report on completion of default proceedings
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Article 199 - Net sum payable on completion of default proceedings
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Article 200 - Disclaimer of property
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Article 201 - Adjustment of prior transactions
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Article 202 - Powers of the QFC Authority to give directions
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Article 203 - Application to determine whether default proceedings to be taken
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Article 204 - Market charges
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Article 205 - Modifications of the law of insolvency
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Article 206 - Administration
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Article 207 - Appliation of margin not affected by certain other interests
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Article 208 - Proceedings against market property by unsecured creditors
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Article 209 - Right of use under a security financial collateral Arrangement
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Article 210 - Standard test regarding the applicable law to book entry securities financial collateral arangements
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Article 211 - Officeholders
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PART 13:
Interpretation and Definitions
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Article 212 - Interpretation
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Article 213 - Definitions
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SCHEDULE 1:
Powers of Liquidator and Administrator
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SCHEDULE 2:
Form of Proxy
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