10.1. Application of AIFC Insolvency Regulations to Special Purpose Companies

10.1.1 Notwithstanding anything in the AIFC Insolvency Regulations, a Resolution for Voluntary Winding Up of a Special Purpose Company may only be passed if there are no outstanding liabilities of the Special Purpose Company.

10.1.2 For the application of the AIFC Insolvency Regulations to Special Purpose Company, the company is taken not to have preferential creditors.

10.1.3 For section 67 (Power to disclaim onerous property) of the AIFC Insolvency Regulations, onerous property does not include contracts and other property arising from the Exempt Activities of a Special Purpose Company.

10.1.4 Sections 9 (Moratorium), 97 (Preferences) and 99 (Invalid security interests) of the AIFC Insolvency Regulations do not apply to a Special Purpose Company.