2. Liquidation of a Protected Cell Company

(1) The members of a Protected Cell Company shall not pass a resolution to appoint a liquidator to the Protected Cell Company under these Regulations or the Companies Regulations 2015 if any cell is subject to a Cell Liquidation Order.
(2) Any resolution passed contrary to sub-paragraph (1) shall be void and of no effect.
(3) In the liquidation of a Protected Cell Company, the liquidator —
(a) shall, in the course of winding-up the Protected Cell Company, wind-up each cell of the Protected Cell Company;
(b) shall be bound to deal with the Protected Cell Company's cellular assets and non-cellular assets in accordance with the requirements set out in Section 1057 (Application of the Insolvency Regulations 2015 to cell Companies) of Part 36 (Cell Companies) of the Companies Regulations 2015; and
(c) in discharge of the claims of creditors of the Protected Cell Company, shall apply the Protected Cell Company's cellular assets and non-cellular assets to those entitled to have recourse thereto.
(4) Parts 3 (Winding-Up) and 4 (Protection of Assets in Liquidation and Administration) of these Regulations shall apply to the liquidation of a Protected Cell Company with such modifications as are necessary to give effect to paragraph (3), and in the event of any conflict between the provisions of Parts 3 (Winding-Up) and 4 (Protection of Assets in Liquidation and Administration) and this Schedule the provisions of this Schedule shall prevail.