Mandatory Provident Fund Schemes (Winding Up) Rules
(Enacting provision omitted—E.R. 4 of 2019)
[1 December 2000]
(Format changes—E.R. 4 of 2019)
(Omitted as spent—E.R. 4 of 2019)
The Rules of the High Court (Cap. 4 sub. leg. A) apply to a winding up application to the extent that those Rules are not inconsistent with these Rules.
A winding up application must be made by originating summons.
A winding up application must be accompanied by—
an affidavit of a designated person as defined by section 6F(5) of the Ordinance; and (40 of 2021 s. 110)
a winding up proposal.
The affidavit referred to in subrule (2)(a) must—
state the grounds for making the winding up application; and
verify the facts on which the application is based.
The winding up proposal referred to in subrule (2)(b)—
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;
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
may contain proposals on other aspects of the winding up, including arrangements in a case where the Court does not appoint a liquidator.
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—
the filing of further evidence;
the service of process and notification of proceedings; and
the advertisement of the winding up application.
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—
the scheme be wound up in accordance with the winding up proposal accompanying the application;
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
the scheme be wound up in any other way specified by the Court.