Section 224Part 14 — Segregated Portfolio Companies
Receivership orders
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Subject to subsections
to (5), if in relation to a segregated portfolio company, the Court is satisfied —
that the segregated portfolio assets attributable to a particular segregated portfolio of the company (when account is taken of the company ’ s general assets, unless there are no creditors in respect of that segregated portfolio entitled to have recourse to the company ’ s general assets) are or are likely to be insufficient to discharge the claims of creditors in respect of that segregated portfolio; and
that the making of an order under this section would achieve the purposes set out in subsection
, the Court may make a receivership order under this secti on in respect of that segregated portfolio. ( 2 ) A receivership order may be made in respect of one or more segregated portfolios. ( 3 ) A receivership order shall direct that the business and segregated portfolio assets of or attributable to a segregated por tfolio shall be managed by a receiver specified in the order for the purposes of —
the orderly closing down of the business of or attributable to the segregated portfolio; and
the distribution of the segregated portfolio assets attributable to the segregated portfolio to those entitled to have recourse thereto.
A receivership order —
may not be made if the segregated portfolio company is in winding up; and
shall cease to be of effect upon commencement of the winding up of the segregated portfolio company, but without prejudice to prior acts of the receiver or that person’s agents.
No resolution for the voluntary winding up of a segregated portfolio company of which any segregated portfolio is subject to a receivership order shall be e ffective without leave of the Court.