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Regulation 28 Voluntary solvent liquidation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This regulation applies where–

(a)

all moneys standing to the credit of the B Reserve Fund have been withdrawn from it and the Board have made the final payments (as that expression is used in Schedule 4) to the end year producers,

(b)

the Board are satisfied that–

(i)

their assets have been got in and realised or otherwised disposed of, and

(ii)

their liabilities and other functions under these Regulations (other than those specified in this Part) have been discharged, and

(c)

there is a surplus in the general fund.

(2)

Where the circumstances mentioned in paragraph (1) above apply the Board may make the final distributions.

(3)

As soon as the Board have made the final distributions under paragraph (2) above, they shall make up an account showing–

(a)

how their assets have been got in and realised, and

(b)

how the Board’s assets have been disposed of,

and shall thereupon call a general meeting of registered eligible producers for the purpose of laying before it the account and giving an explanation of it.

(4)

The provisions of Part VII of the old marketing scheme as set out in Schedule 3 shall apply to the advertisement and conduct of such meeting, subject to the further requirement that in addition to publishing notice of the meeting under paragraph 80 of the old marketing scheme as so set out the Board shall give notice of it in the London Gazette.

(5)

Within one week after the meeting, the Board shall send to the Minister a copy of the account and shall make a return to him of the holding of the meeting and of its date.

(6)

The voluntary solvent liquidation of the Board under this regulation does not bar the right of any creditor or registered eligible producer (being a contributory for the purposes of section 124 of the 1986 Act) to have the Board wound up by the court under the 1986 Act in accordance with the amended provisions of the old marketing scheme to which reference is made in regulation 29; but in the case of an application by a registered eligible producer the court must be satisfied that the rights of registered eligible producers will be prejudiced by a voluntary liquidation by the Board under this regulation.