S.L. 386.16 Art. 34Winding up.

(1) Without prejudice to Article 321 of the EU Delegated Regulation and regulation 13(2)(f) of the Reinsurance Special

Purpose Vehicles Regulations -

(a) proceedings in relation to a securitisation cell company shall respect the status of each cell as a patrimony separate from the assets and liabilities of each other cell of the securitisation cell company and the cell company itself in terms of these regulations;

(b) where a provisional administrator or liquidator is appointed under the Act, he shall:

(i) deal with the securitisation cell company’s assets in accordance with the requirements of regulation 7(2); and

(ii) in discharge of the claims of creditors of the securitisation cell company, apply the securitisation cell company’s assets to those entitled to have recourse thereto in accordance with these regulations;

(c) proceedings under the Act shall apply mutatis mutandis to a cell as though it were a distinct legal entity operating in terms of the Reinsurance Special

Purpose Vehicles Regulations, and with such modifications as are necessary to accommodate the fact that the cell is not a company; and any proceedings in relation to one cell shall not have any effect on the assets of any other cell of the securitisation cell company or of the securitisation cell company itself.

(2) The term "proceedings" in this regulation refers to any proceedings in terms of Part V, Title II and Part VI of the Act.