266. Winding-up of unregistered companies

(1) Subject to the provisions of this Part 6 (Cross-border Insolvency), any unregistered company may be wound up under these Regulations and all the provisions of these Regulations about winding-up apply to an unregistered company with the modifications set out in this Part 6 (Cross-border Insolvency).
(2) All the provisions of these Regulations about receivers and administrative receivers apply to an unregistered company if the instrument by virtue of which the receiver or administrative receiver is appointed is expressed to be governed by Abu Dhabi Global Market legislation.
(3) An unregistered company may only be wound up under these Regulations by the Court in accordance with this Section.
(4) An unregistered company may only be wound up by these Regulations if —
(a) it has a sufficient connection with the Abu Dhabi Global Market, which may (but does not have to) consist of it owning assets located within the Abu Dhabi Global Market;
(b) there is a reasonable prospect that the winding-up order will benefit the persons applying for the winding-up order; and
(c) the Court has jurisdiction over one or more persons interested in the distribution of the assets of such unregistered company.
(5) The circumstances in which an unregistered company may be wound up are as follows —
(a) if the unregistered company is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding-up its affairs;
(b) if the unregistered company is unable to pay its debts; or
(c) if the Court is of the opinion that it is just and equitable that the unregistered company should be wound up.
(6) A winding-up of an unregistered company under this Part 6 (Cross-border Insolvency) shall be conducted on a universal basis and shall extend to all property and rights of the unregistered company worldwide in so far as the liquidator is able to enforce against such property and rights located outside of the Abu Dhabi Global Market.
(7) Where foreign proceeding and winding-up proceedings under this Section are taking place concurrently regarding an unregistered company, the liquidator may apply to Court at any time for directions on —
(a) the conduct of the winding-up proceedings and if such proceedings are to be conducted as 'ancillary proceedings' to the foreign proceedings; and
(b) the realisation of assets located in the Abu Dhabi Global Market and any remittal of such assets to the foreign proceedings.
(8) The insolvency law of the Abu Dhabi Global Market shall apply to the conduct of any winding-up proceedings commenced under these Regulations, whether conducted as ancillary proceedings to foreign proceedings or otherwise.