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240A: Liquidation of licensed insurers
or “Special rules apply when putting a licensed insurer into liquidation”
You could also call this:

“How to liquidate an association and what rules apply”

You can put an association into liquidation using this part of the law. When you do this, the rules in Schedule 11 change or leave out some parts of the process.

The Insolvency Practitioners Regulation Act 2019 applies to an association in liquidation just like it would for a company. This means the same rules about insolvency practitioners apply to both associations and companies when they are being liquidated.

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Next up: 241: Commencement of liquidation

or “When and how a liquidator is appointed to manage a company's closure”
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Part 16 Liquidations
The process of liquidation

240BLiquidation of associations

  1. An association may be put into liquidation under this Part, and this Part applies to an association, subject to the modifications and exclusions set out in Schedule 11.

  2. The Insolvency Practitioners Regulation Act 2019 applies to an association put into liquidation under this Part as if the association were a company.

Notes
  • Section 240B: inserted, on , by section 7 of the Companies Amendment Act 2016 (2016 No 57).
  • Section 240B(2): inserted, on , by section 30 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).