4. Cell Liquidation Order
Past version: effective from 14/06/2015 - 13/06/2015
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(1) Subject to the provisions of this paragraph, if in relation to a Protected Cell Company the Court is satisfied —
(a) that the cellular assets attributable to a particular cell of the Protected Cell Company are or are likely to be insufficient to discharge the claims of creditors in respect of that cell; and
(b) that the making of an order under this paragraph would achieve the purposes set out in sub-paragraph (3),
the Court may make a Cell Liquidation Order under this paragraph in respect of that cell.
(2) A Cell Liquidation Order may be made in respect of one or more cells of a Protected Cell Company.
(3) A Cell Liquidation Order is an order directing that the business and cellular assets attributable to a cell shall be managed by a Cell Liquidator specified in the order for the purposes of —
(a) the orderly closing down of the business attributable to the cell; and
(b) the distribution of the cellular assets attributable to the cell to those entitled to have recourse thereto.
(4) Where the Court makes a Cell Liquidation Order it shall, at the same time, appoint a liquidator to act as Cell Liquidator under the Cell Liquidation Order.
(5) A Cell Liquidator appointed under this paragraph must be a person registered as an insolvency practitioner under Part 9 (Insolvency Practitioners) of these Regulations.