(1) In a case falling within CIR Rule 17.1.3(2)(c), the
Fund Manager and if appointed the Trustee of the Fund must wind up the Fund in accordance with the approved transfer scheme.
(2) In any other case falling within CIR Rule 17.1.4 or specified in Article 64(1) or Part 8 of the Law:
Fund manager or Trustee must, as soon as practicable after the Fund falls to be wound up, realise the Fund Property;
(b) after paying therefrom or retaining adequate provision for all liabilities properly so payable and for the costs of the winding up, the
Fund Manager must distribute the proceeds of that realisation to the Unitholders (upon production by them of such evidence as the Fund Manager may reasonably require as to their entitlement thereto) proportionately to their respective interests in the Fund as at the date of the relevant event referred to in CIR Rule 17.1.3; and
(c) any unclaimed net proceeds or other cash (including unclaimed distribution payments) held by the
Fund Manager or Trustee after the expiration of twelve months from the date on which they became payable must be paid by the Fund Manager or Trustee into court, subject to the Fund Manager or Trustee having a right to retain any expenses incurred by it relating to that payment.
(3) Where the
Fund Manager or Trustee and one or more Unitholders agree, the requirement of (2) to realise the Fund Property does not apply to that part of the property proportionate to the entitlement of such Unitholders. The Fund Manager or Trustee may distribute that part in the form of property, after making adjustments or retaining provisions as appear to the Fund Manager or Trustee appropriate for ensuring that, that or those Unitholders bear a proportional share of the liabilities and costs.
Fund Manager or Trustee must as soon as practical after the winding up or termination has commenced:
(a) if the
Unitholders have not initiated the winding up under Article 63 of the Law, inform the Unitholders of the winding up or termination; and
(b) publish a notice of the winding up or termination in one English and one Arabic language national newspaper and if the
Fund has a website, on the Fund's website.
(5) On completion of the winding up in respect of the events referred to in CIR Rule 17.1.3(2)(b) or (c) or Article 64(1) of the Law, the
Fund Manager or Trustee must notify the DFSA in writing of that fact and at the same time the Fund Manager or Trustee must require the DFSA to revoke the relevant registration.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]