Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.4 - Winding-up of defined benefit funds  

REGULATION 9.23   WINDING-UP OF DEFINED BENEFIT FUNDS  

9.23(1)   [Initiation of winding-up proceedings]  

Subject to subregulation (4), the trustee of a defined benefit fund that is technically insolvent must initiate winding-up proceedings in accordance with this Division if:

(a) the fund fails to comply with regulations 9.17 , 9.18 or 9.19 during the period of technical insolvency; or

(b) the superannuation actuary is unable to certify the solvency of the fund at the end of that period;

and regulation 9.24 does not apply.

9.23(2)   [Operation of Division]  

Winding-up proceedings initiated under subregulation (1) must be carried out in accordance with this Division.

9.23(3)   [Proceedings initiated under other conditions]  

Subject to subregulation (4), if a trustee of a defined benefit fund to which this Division applies initiates winding-up proceedings in relation to the fund otherwise than under subregulation (1), the winding-up proceedings must be carried out in accordance with this Division.

9.23(4)   [Winding-up schemes by the Regulator]  

This regulation does not apply to a defined benefit fund in respect of which the Regulator formulates a scheme for the winding-up of the fund.