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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 1 June 2015 - onwards
  Version 2 of 2    

256C. Application to court opposing special resolution under section 256A.

Repealed from 1 June 2015

(1) An application may be made to the court in accordance with this section for an order preventing any resolution passed or proposed to be passed pursuant to section 256A(2) from taking effect in relation to any umbrella fund to which that section applies.

(2) An order under this section may be granted only if the court considers that it would be just and equitable to do so.

(3) Each order granted pursuant to this section shall specify the period in respect of which the order shall remain in force and, without prejudice to the powers of the court to specify such period, may specify that the order shall cease to be in force on the date on which the applicant ceases to be a creditor of the umbrella fund or the date on which the applicant consents to the application of section 256A(1) to that umbrella fund, whichever is the later.

(4) An application under this section may only be made by a relevant creditor or relevant creditors constituting not less than 1 per cent in number of the

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