Insolvency, Bankruptcy and Winding Up
BR-2.2.7
Except in instances where the CBB has initiated the following actions, a
licensee must notify the CBB immediately of any of the following events:(a) The calling of a meeting to consider a resolution for winding up thelicensee or acontroller of thelicensee ;(b) An application to dissolve acontroller of thelicensee or to strike thelicensee off the Register of Money Changing Companies;(c) The presentation of a petition for the winding up of acontroller of thelicensee ;(d) The making of any proposals, or the making of, a composition or arrangement with any one or more of thelicensee's creditors, for material amounts of debt;(e) An application for the appointment of anadministrator or trustee in bankruptcy to acontroller of thelicensee ;(f) The appointment of a receiver to acontroller of thelicensee (whether an administrative receiver or a receiver appointed over particular property); or(g) An application for an interim order against thelicensee , acontroller of thelicensee under the Bankruptcy and Composition Law of 1987 or similar legislation in another jurisdiction.October 2010