Securities Markets Order, 2013 · s 238

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s 238Liquidation orders

(1)

On a petition presented by the Authority by virtue of this section, the

Court may wind up a regulated person to whom this section applies if -

(a)

the regulated person is unable to pay his debts; or

(b)

the Court is of the opinion that it is just and equitable that the regulated person should be wound up.

(2)

Subsection (1) applies to any regulated person including collective investment schemes and any person whose licence has been suspended by the

Authority.

(3)

For the purposes of a petition under subsection (1), a person who defaults in an obligation to pay any sum due and payable under any investment agreement shall be deemed to be unable to pay his debts.