s.89Definitions
89
Section 89Part 5 — Company Restructuring and Winding Up

Definitions

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In this Part — “ company ” includes a foreign company in respect of which the Court has made a winding up order; “ contribut ory ” means —
every person liable by virtue of section 49 to contribute to the assets of a company in the event that it is wound up under this Act ; and
every holder of fully paid up shares of a company; “ controller ” means a person appointed by the Authority pursuant to the regulatory laws to take control of a company; “ document ” includes any device by means of which information is recorded or stored; “ foreign company ” means any body corporate incorporated outside the Islands; “ foreign practitioner ” means a person who is qualified under the law of a foreign country to perform functions equivale nt to those performed by official liquidators under this Act or by trustees in bankruptcy under the Bankruptcy Act ( 2026 Revision ) ; “ limited partnership ” means an ordinary limited partnership registered in accordance with section 49 of the Partnership Act ( 20 2 5 Revision ) or an exempted limited partnership registered in accordance with section 9 of the Exempted Limited Partnership Act ( 202 5 Revision ) ; “ official liquidator ” means the liquidator of a company which is being wound up by order of the Court or un der the supervision of the Court and includes a provisional liquidator; “ prescribed ” means prescribed by the Insolvency Rules Committee; “ professional service provider ” means a person who contracts to provide general managerial or administrative services t o a company on an annual or continuing basis; “ qualified insolvency practitioner ” means a person holding the qualifications specified in the regulations made by the Insolvency Rules Committee under section 155 or such other qualifications as the Court considers appropriate for the conduct of the winding up of a company; “ Rules ” mean rules prescribed by th e Insolvency Rules Committee; “ shadow director ” means, in relation to a company, any person in accordance with whose directions or instructions the directors of the company are accustomed to act, but the person is not deemed to be a shadow director by reas on only that the directors act on advice given by that person in a professional capacity; and “ winding up order ” includes an order that a voluntary winding up continue under the supervision of the Court and references to a company being wound up by the Court includes a company which is being wound up under the supervision of the Court.

Cross References