Irish Collective Asset-Management Vehicles Act 2015

154.

Winding up

154. (1) The provisions of Part 11 of the Companies Act 2014, and the other provisions of that Act relating to the winding up of companies (including, in particular, provisions about summary approval procedure) apply, subject to the necessary modifications and the specific modifications specified in subsection (2), in relation to an ICAV as if it were an investment company.

(2) The modifications are the following:

(a) references to the Registrar are to the Bank;

(b) references to the constitution of a company are to the instrument of incorporation of an ICAV;

(c) in the definition of “connected person” in section 559(1) and in 629(5) the reference to section 220 is to section 77 of this Act and paragraph (b) is omitted;

(d) in the table to section 567—

(i) the reference to section 286(3) is to section 114(1) of this Act;

(ii) the reference to section 609 is to section 115 of this Act;

(e) the references in sections 569(2) and 571(3) to section 212 are to section 55 of this Act;

(f) the reference in section 595(5) to that Act is to this Act;

(g) the words “into his or her custody or” in section 596 and paragraph 9 of the Table to section 627 are omitted;

(h) F27 [ sections 599 and 609 ] are omitted;

(i) section 636 has effect as if—

(i) the reference in subsection (3) to Part 4 were to section 91 of this Act,

(ii) for subsection (5) there is substituted a requirement that notice of a meeting given by a member, liquidator or contributory under subsection (3) comply with any requirements specified in the ICAV’s instrument of incorporation, and

(iii) the reference in subsection (6) to the Companies Act 2014 is omitted;

(j) the reference in section 656(2) to section 173 is to section 52 of this Act;

(k) in section 673—

(i) in subsection (1), for “hands of the liquidator” there is substituted “hands of the depositary or trustee within the meaning of the UCITS Regulations, to be under the control of the liquidator,”, and

(ii) in subsection (3), for “to the liquidator” there is substituted “to the depositary or trustee within the meaning of the UCITS Regulations, to be under the control of the liquidator,”.

Annotations:

Amendments:

F27

Substituted (1.02.2021) by Investment Limited Partnership (Amendment) Act 2020 (31/2020), s. 59, S.I. No. 19 of 2021.