101. Restrictions on continuance

(1) An application may not be made under section 102 (application to Registrar for continuance within the Abu Dhabi Global Market), by a body corporate to which subsection(3)applies, for continuance as a company registered under these Regulations.
(2) An application may not be made under section 111 (application to Registrar for authorisation to seek continuance overseas), by a company to which subsection(3)applies, for authorisation to seek continuance in another jurisdiction.
(3) This subsection applies to a body corporate or company if—
(a) it is being wound up or is in liquidation,
(b) it is insolvent,
(c) a receiver, manager or administrator (by whatever name any such person is called) has been appointed, whether by a Court or in some other manner, in respect of any property of that body corporate or company,
(d) it has entered into a compromise or arrangement with a creditor (not being a compromise or arrangement approved by the Registrar) and that compromise or arrangement is in force, or
(e) an application is pending before a Court for the winding up or liquidation of that body corporate or company, or to have it declared insolvent, or for the appointment of such a receiver, manager or administrator or for the approval of such a compromise or arrangement.
(4) For the purposes of subsection(3), the jurisdiction in which—
(a) the body corporate is being wound up or is in liquidation,
(b) the receiver, manager or administrator has been appointed or the compromise or arrangement has been entered into, or
(c) the application before a Court is pending,
is immaterial.
(5) An application may not be made under section 102 by a body corporate whose members have unlimited liability unless such body corporate applies for continuance as an unlimited company.