Winding up by the High CourtU.K.
49U.K.Article 102 (circumstances in which company may be wound up by the High Court) of the Order does not apply.
50U.K.Article 104 (application for winding up) of the Order does not apply.
51(1)In Article 105 (powers of High Court on hearing of petition) of the Order, paragraph (1) applies with the omission of the words from “but the Court" to the end of the paragraph.U.K.
(2)The conditions which the Court may impose under Article 105 of the Order include conditions for securing—
(a)that the incorporated friendly society be dissolved by consent of its members under section 20 above; or
(b)that the society amalgamates with, or transfers its engagements to, another friendly society under section 85 or 86 above; or
(c)that the society converts itself to a company under section 91 above,
and may also include conditions for securing that any default which occasioned the petition be made good and that the costs of the proceedings on that petition be defrayed by the person or persons responsible for the default.
52U.K.Article 106 (power of court, between petition and winding-up order, to stay or restrain proceedings against company) of the Order has effect with the omission of paragraph (2).
53U.K.If, before the presentation of a petition for the winding up by the High Court of an incorporated friendly society, an instrument of dissolution under section 20 is placed in the society’s public file, Article 109(1) (commencement of winding up by the High Court) of the Order shall also apply in relation to the date on which the notice is so placed and to any proceedings in the course of the dissolution as it applies to the commencement date for, and proceedings in, a voluntary winding up.
54(1)Article 110 of the Order (consequences of winding-up order) shall have effect with the following modifications.U.K.
(2)Paragraphs (1) and (3) shall be omitted.
(3)An incorporated friendly society shall, within 15 days of a winding-up order being made in respect of it, give notice of the order to the [F1FCA and, if the society is a PRA-authorised person, the PRA]; and the [F2FCA] shall keep the notice in the public file of the society.
(4)If an incorporated friendly society fails to comply with sub-paragraph (3) above, it shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.
Textual Amendments
F1Words in Sch. 10 para. 54(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 53(6)(a) (with Sch. 12)
F2Word in Sch. 10 para. 54(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 53(6)(b) (with Sch. 12)
55U.K.Article 119 (appointment of liquidator by High Court in certain circumstances) of the Order does not apply.
56U.K.In the application of Article 120(1) (liquidation committees), of the Order to incorporated friendly societies, the references to functions conferred on a liquidation committee by or under that Order shall have effect as references to its functions by or under that Order as so applied.
57U.K.The conditions which the High Court may impose under Article 125 (power to stay winding up) of the Order shall include those specified in paragraph 51(2) above.
58U.K.Article 132 (adjustment of rights of contributories) of the Order shall have effect with the modification that any surplus is to be distributed in accordance with the rules of the society.
F359U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments