Entire section
52. Dissolution
54. Distribution of property

53. Court dissolution

(1) A Foundation may, upon application, by an order of the Court be dissolved if the Court is of the opinion that:

  • (a) the Foundation is insolvent;
  • (b) it is just and equitable that the Foundation be dissolved; or
  • (c) it is prejudicial to the interest of the AIFC for a Foundation to remain on the Register.

(2) An application for the dissolution of a Foundation under subsections (1)(a) or (b) may be made by the Foundation, a member of the Council of the Foundation, a Guardian of the Foundation or by a creditor of the Foundation.

(3) An application for the dissolution of a Foundation under subsection (1)(c) may be made by the AFSA.

(4) Where the Court orders that a Foundation be dissolved under this section, the Court may appoint a person to supervise the dissolution of the Foundation and may, from time to time, direct the manner in which the dissolution is to be conducted.