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1057. Application of the Insolvency Regulations 2015 to cell companies

(1) Where a cell company with one or more cells is being wound up under the Insolvency Regulations 2015 the company shall not be taken to have no assets and no liabilities while the company continues to have any such cell.
(2) Accordingly, in the course of the winding up of the company, each cell of the company must—
(a) be transferred to another cell company,
(b) be wound up,
(c) be continued as a body corporate or cell under the law of another jurisdiction,
(d) be incorporated independently of the cell company, or
(e) be merged with another company.