Financial Intermediaries Act 1996

A society may be wound up, under this section, on a certificate of the registrar.

For a winding-up on a certificate of the registrar, the society may be wound-up if the registrar certifies that—

the society has not started business within a year of registration or has suspended or ceased to carry on business for more than 6 months; or

an event (to be stated in the certificate) has happened on the happening of which a regulation or the society’s rules provide that the society is to be wound-up; or

the registration of the society has been obtained by mistake or fraud; or

the society exists for an illegal purpose; or

the society has, after notice by the registrar of a contravention of this Act or the society’s rules, failed, within the time stated in the notice, to remedy the contravention or has committed a further contravention of a kind stated in the notice; or

there are, and have been for a period of 1 month immediately before the date of the certificate, insufficient directors of the society to constitute a quorum under the society’s rules; or

because of an investigation under this Act into the society’s affairs, it is in the interests of the public, or members or creditors of the society, that the society be wound-up.

The registrar may certify under subsection (1) only if the event has been proved to the registrar’s satisfaction.

If the registrar certifies under subsection (1), the registrar may appoint a person to be the society’s liquidator.

The liquidator is entitled to receive an amount of remuneration the registrar considers appropriate, having regard to the rate of payment that normally would apply for such an appointment.

A vacancy in the office of a liquidator appointed under subsection (3) must be filled by a person appointed by the registrar for the purpose.

A winding-up on a certificate of the registrar is taken to start at the date of the certificate of the registrar.

The liquidator must, within 14 days after the appointment, give notice of the appointment by gazette notice.