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  • 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 the licensee, a controller or close link of the licensee;
      (b) An application to dissolve a controller or close link of the licensee or to strike the licensee off the register of microfinance institutions;
      (c) The presentation of a petition for the winding up of a controller or close link of the licensee;
      (d) The making of any proposals, or the making of, a composition or arrangement with any one or more of the licensee's creditors, for material amounts of debt;
      (e) An application for the appointment of an administrator or trustee in bankruptcy to a controller or close link of the licensee;
      (f) The appointment of a receiver to a controller or close link of the licensee (whether an administrative receiver or a receiver appointed over particular property); or
      (g) An application for an interim order against the licensee, a controller or close link of the licensee under the Bankruptcy and Composition Law, Decree Law No(11), 1987 or similar legislation in another jurisdiction.
      January 2014