Financial Markets Act, 2012 (Act No. 19 of 2012)Chapter XII : General provisionsWinding-up, business rescue and curatorship100. Winding-up or sequestration by court |
| (1) | Despite any other law, an order for the winding-up or sequestration of the estate of a regulated person may be granted by the court on the application of— |
| (a) | the regulated person; |
| (b) | one or more of the regulated person’s creditors; |
| (c) | if the regulated person is an exchange, a central securities depository or an independent clearing house, one or more authorised users, participants or clearing members, as the case may be; |
| (d) | jointly, any of or all the parties mentioned in paragraphs (a), (b) and (c); |
| (e) | the business rescue practitioner of the regulated person; |
| (f) | the provisional curator or curator of a regulated person; or |
| (g) | the Authority. |
| (2) | A regulated person which is a company or other corporate body may be wound up, subject to section 102, according to the Companies Act, and the estate of a regulated person who is a natural person or partnership may be sequestrated according to the Insolvency Act. |
| (3) | Despite the Companies Act— |
| (a) | any resolution or court application made under the Companies Act in respect of a regulated person must be filed with or served on the Authority, as the case may be, and must be approved by the Authority prior to the filing or serving thereof; |
| (b) | in relation to a court application in respect of a regulated person, the Authority may file affidavits and other documents relating to, and may appear and be heard at the hearing of, the application; |
| (c) | a company may file a resolution under section 80 of the Companies Act in respect of a regulated person only after the Authority has approved the resolution; and |
| (d) | the certificate referred to in section 82(1) of the Companies Act in respect of a regulated person must also be filed with the Authority. |
| (4) | A court may not grant a liquidation order in respect of a regulated person without the approval of the Authority. |
| (5) | If the Authority does not approve the resolutions of the regulated person made under section 80 of the Companies Act, the Authority may apply— |
| (a) | for the liquidation and winding-up of the regulated person under section 81 of that Act; or |
| (b) | to court for placing that regulated person under curatorship in terms of the Financial Institutions (Protection of Funds) Act. |
| (6) | A regulated person may not be placed in liquidation or sequestration while under curatorship, unless the curator applies for such liquidation or sequestration. |