1.1. Name

These Rules are the AIFC Insolvency Rules 2017 (or IR).

1.2. Commencement

These Rules commence on [***].

1.3. Legislative authority

These Rules are adopted by the Board of Directors of the AFSA under section 181 (Power to adopt rules etc.) of the AIFC Companies Regulations.

1.4. Application of these Rules

These Rules apply within the jurisdiction of the AIFC.

1.5. Definitions etc.

1.5.1 Schedule 4 (Interpretation) contains definitions used in these Rules.

1.5.2 Terms used in these Rules (other than terms defined in Schedule 4) have the same meanings as they have, from time to time, in the AIFC Insolvency Regulations, or the relevant provisions of those Regulations, unless the contrary intention appears. Note: For definitions in the AIFC Insolvency Regulations applying to these Rules, see Schedule 3 of those Regulations. The definitions in that Schedule relevant to these Rules include the following:

• Administrative Receiver, in relation to a Company

• Administrator, in relation to a Company

• AFSA

• AIFC

• AIFC Regulations

• AIFC Rules

• AIFCA

• Company

• Contravention

• Court

• Creditors Voluntary Winding Up, in relation to a Company

• Document

• Exercise

• Fail

• Function

• Goes into Liquidation

• Insolvency, in relation to a Company

• Insolvency Practitioner

• Liquidator, in relation to a Company

• Members Voluntary Winding Up, in relation to a Company

• Nominee, in relation to a proposed Voluntary Arrangement for a Company

• Official Liquidator

• Person

• Provisional Liquidator, in relation to a Company

• Receiver, in relation to a Company

• Registrar of Companies (or Registrar)

• Supervisor, in relation to a Voluntary Arrangement for a Company

• Unable to Pay its Debts, in relation to a Company or Recognised Company

• Voluntary Arrangement

• Voluntary Winding Up

• Writing.

1.5.3 Subject to subrule 1.5.2, terms used in these Rules (other than terms defined in Schedule 4 or the AIFC Insolvency Regulations) have the same meanings as they have, from time to time, in the AIFC Companies Regulations or the AIFC Companies Rules, or the relevant provisions of those Regulations, unless the contrary intention appears. Note: For definitions in the AIFC Companies Regulations applying to these Rules, see Schedule 1 of those Regulations. The definitions in that Schedule relevant to these Rules include the following:

• Acting Law of the AIFC

• Articles of Association

• Share

• Shareholder.

Note: For definitions in the AIFC Companies Rules applying to these Rules, see Schedule 4 of those Rules. The definitions in that Schedule relevant to these Rules include the following:

• Cell

• Cell Receiver

• Cell Receivership Order

• Cell Shares

• Cell Transfer Order

• Cellular Assets

• Protected Cell Company

• Non-Cellular Assets

1.6. Administration of these Rules

These Rules are administered by the Registrar of Companies.