(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,
the Court, on the application of the liquidator or receiver or a supervisory authority or any creditor or client or investor, may, if it thinks it proper to do so, declare that any one or more of the officers or beneficial owners or former officers or former beneficial owners or any of these of the said investment business firm who is or are in default shall be personally liable, with
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