BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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(b) the distribution of the segregated portfolio assets attributable to
the segregated portfolio to those entitled to have recourse
thereto.
(4) Where the Court makes a portfolio liquidation order it shall, at the same
time, appoint the Official Receiver or an eligible insolvency practitioner to
act as portfolio liquidator under the portfolio liquidation order.
(5) For the purposes of subsection (4), “eligible insolvency practitioner” has
the meaning specified in the Insolvency Act, subject to such
modifications as are necessary.
(6) A portfolio liquidation order
(a) shall not be made if a liquidator is appointed in respect of the
segregated portfolio company; and
(b) shall cease to be of effect upon the appointment of a liquidator in
respect of the segregated portfolio company, but without
prejudice to the prior acts of the portfolio liquidator or his
agents.
(7) The members of a segregated portfolio company shall not pass a
resolution to appoint a liquidator of the company, whether under Part XII
or under the Insolvency Act if any segregated portfolio is subject to a
portfolio liquidation order without the prior leave of the Court.
(8) Any resolution passed contrary to subsection (7) shall be void and of no
effect.
(9) Sections 483 to 485 of the Insolvency Act apply to a portfolio
liquidation order.
153. (1) An application for a portfolio liquidation order in respect of a
segregated portfolio of a segregated portfolio company may be made by
(a) the company;
(b) the directors of the company;
(c) any creditor of the company in respect of that segregated
portfolio;
(d) any holder of segregated portfolio shares in respect of that
segregated portfolio; or
AE/ET/Pub./bg/03.2007
No. 5 of 2003
Application for
portfolio
liquidation
order.