Section 54 of the Act of 1995 is hereby amended -
(a) by the deletion of "authorised" before "investment business firm" wherever it occurs, and
(b) by the substitution for "officers or former officers or both" of "officers or beneficial owners or former officers or former beneficial owners or any of these" wherever it occurs,
and the section as so amended is set out in the Table to this section.
Table
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54.—(1) If— |
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(a) an investment business firm is being wound up and is unable to pay all of its debts and has contravened section 19, 52(3), 52(5) or 52(6) of this Act, and |
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(b) the Court considers that such contravention has contributed to the inability of an investment business firm to pay all of its debts or has resulted in substantial uncertainty as to the amount, location, ownership or otherwise of the assets and liabilities of an investment business firm or of the money or investment instruments of clients of the said investment business firm or has substantially impe |