Section 223Part 14 — Segregated Portfolio Companies
Winding - up of company
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Notwithstanding any statutory provision or rule of law to the contrary, in the winding - up of a segregated portfolio company, the liquidator —
shall deal with the company ’ s assets only in accordance with the procedures set out in section 219(6); and
in discharge of the claims of creditors of the segregated portfolio company and holders of segregated portfolio shares, shall apply the segregated portfolio company ’ s assets to those entitled to have recourse thereto unde r this Part.
Sectio n 140 shall be modified so that it shall apply in relation to protected segre gated portfolio companies in accordance with this Part and, in the event of any conflict between this Part and section 140 , this Part shall prevail.