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5. Application for a Cell Liquidation Order

(1) An application for a Cell Liquidation Order in respect of a cell of a Protected Cell Company may be made by —
(a) the Protected Cell Company;
(b) the Directors of the Protected Cell Company;
(c) any creditor of the Protected Cell Company in respect of that cell;
(d) any cell member in respect of that cell; or
(e) the Financial Services Regulator.
(2) Notice of an application to the Court for a Cell Liquidation Order in respect of a cell of a Protected Cell Company shall be served upon —
(a) the Protected Cell Company;
(b) the Financial Services Regulator; and
(c) such other persons, if any, as the Court may direct,
each of whom shall be given an opportunity of making representations to the Court before the Cell Liquidation Order is made.
(3) The Court, on hearing an application for a Cell Liquidation Order, may, instead of making the order sought or dismissing the application, make an interim order or adjourn the hearing, conditionally or unconditionally.
(4) The Court may make a Cell Liquidation Order subject to such terms and conditions as it considers appropriate.
(5) A Cell Liquidation Order shall —
(a) not be made if a liquidator is appointed to the Protected Cell Company; and
(b) be discharged upon the appointment of a liquidator in respect of the Protected Cell Company, unless the Court orders otherwise on being satisfied that it is desirable to do so in order to protect the interests of members or creditors, or potential members or creditors, of the cell.