MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES
- CHAPTER 485I

MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - LONG TITLE  
Empowering section VerDate:01/12/2000



(Cap 485, section 34A)

[1 December 2000]

(L.N. 343 of 2000)



MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - RULE 1
(Omitted as spent) VerDate:01/12/2000



(Omitted as spent)



MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - RULE 2
Definition VerDate:01/12/2000



In these Rules, "winding up application" (清盤申請) means an application 
mentioned in section 34A(1) of the Ordinance.
"winding up application" (清盤申請)


MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - RULE 3
Rules of High Court apply to winding up applications VerDate:01/12/2000



The Rules of the High Court (Cap 4 sub. leg.) apply to a winding up 
application to the extent that those Rules are not inconsistent with these 
Rules.



MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - RULE 4
Requirements as to making of winding up applications VerDate:01/12/2000




(1)	A winding up application must be made by originating summons.

(2)	A winding up application must be accompanied by-

        (a)	an affidavit of a designated person as defined in section 6F(2) 
of the Ordinance; and

        (b)	a winding up proposal.

(3)	The affidavit referred to in subrule (2)(a) must-

        (a)	state the grounds for making the winding up application; and

        (b)	verify the facts on which the application is based.

(4)	The winding up proposal referred to in subrule (2)(b)-

        (a)	must specify whether or not there are any scheme assets in the 
registered scheme to which the application relates and, if there are, the 
proposed arrangements for transferring, realizing or disposing of those 
assets; 

        (b)	must specify whether or not there are any remaining scheme 
members in that scheme and, if there are, the proposed arrangements for 
transferring existing accrued benefits of those members to another 
registered scheme and for making future contributions; and

        (c)	may contain proposals on other aspects of the winding up, 
including arrangements in a case where the Court does not appoint a 
liquidator.



MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - RULE 5
Authority to apply to Court for directions VerDate:01/12/2000



As soon as practicable after issuing an originating summons for a winding 
up application, the Authority must apply to the Court for directions, 
including, in particular, directions as to-

        (a)	the filing of further evidence;

        (b)	the service of process and notification of proceedings; and

        (c)	the advertisement of the winding up application.



MANDATORY PROVIDENT FUND SCHEMES (WINDING UP) RULES - RULE 6
Court may order winding up of registered schemes VerDate:01/12/2000



On the hearing of a winding up application, the Court may, if satisfied 
that the registered scheme concerned ought to be wound up, order that-

        (a)	the scheme be wound up in accordance with the winding up 
proposal accompanying the application;

        (b)	the proposal be modified in a manner specified by the Court and 
the scheme be wound up in accordance with the proposal so modified; or

        (c)	the scheme be wound up in any other way specified by the Court.