VARIABLE CAPITAL COMPANIES
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- (8) The following provision applies in place of section 219(1) of the Companies Act (which enables the Court to fix the remuneration of a receiver or manager of a company):
- "The Court may —
- (a) on an application by the liquidator of a VCC, by order fix the amount to be paid as remuneration to a person who, under a power contained in any instrument, has been appointed as receiver or manager of the property of the VCC or its sub-fund; or
- (b) on an application by the liquidator of a sub-fund, by order fix the amount to be paid as remuneration to a person who, under a power contained in any instrument, has been appointed as receiver or manager of the property of the sub-fund.".
- (9) The following provision applies in place of section 220 of the Companies Act (which is about the appointment of a company's liquidator as receiver of the company):
- "Where an application is made to the Court to appoint a on behald of debentures or other creditors of —
- (a) a VCC; or
- (b) a sub-fund,
- which is being wound up by the Court, the Court may appoint the liquidator as such receiver."
- (10) A reference in sections 223(1) and 224 of the Companies Act to a statement in the prescribed form as to the affairs of a company or of any particulars concerning a company in the statement, is to a statement in the prescribed form as to the affairs of the VCC or of the sub-fund (as the case may be), or of those particulars concerning the VCC or the sub-fund, as the case may be.
- (11) The reference in section 223(3) of the Companies Act to the winding up of the company is to the winding up of the VCC or the sub-fund, as the case may be.
- (12) The reference in section 224(2)(a) and (d) of the Companies Act to an officer of the company is to —
