FUNDS PART 7: FUNDS PART 7: WINDING UP
FUNDS 19. FUNDS 19. WINDING UP OF DOMESTIC FUNDS
This Chapter prescribes the additional circumstances in which a Domestic Fund may be wound up.
FUNDS 19.1 FUNDS 19.1 Application
This Chapter applies to a Fund Manager and, where appointed, the Trustee, of a Domestic Fund and, if the Domestic Fund is an Umbrella Fund using the form of a Protected Cell Company or Incorporated Cell Company, to each Cell as though that Cell were a separate Fund.
Aside from as provided under the Insolvency Regulations 2015 or as otherwise provided in any enactment, subordinate legislation or rules made by the Regulator, a Domestic Fund may also be wound up upon the happening of any of the following events:(a) the expiration of any period specified in the Constitution of the Fund as the period at the end of which the Fund will terminate;(b) upon the effective date of a duly approved transfer scheme; or(c) as otherwise provided for in the Constitution of the Fund.
In addition to the circumstances set out in Rule 19.1.2, a Public Fund may also be wound up upon the passing of a Special Resolution of Unitholders.