Skip to main content
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 1998 - onwards
Version 4 of 4

54. Personal liability of officers.

(1) If -

(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

(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 authorised investment business firm or of the money or investment instruments of clients of the said investment business firm or has substantially impeded its orderly winding-up,