Section 81 Investments and Securities Act 2025

Section 81 of the Investments and Securities Act 2025 is about Application to the Federal High Court for winding up. It is under Part VII (Inspections and Investigations) of the Act. It provides as follows:

(1) Where the Commission makes an order revoking the registration of a regulated entity and requiring the business of that regulated entity to be wound up, the regulated entity shall, within 14 days of the date of the order, apply to the Federal High Court for an order of winding up of its affairs and the Federal High Court shall hear the application in priority to all other matters.

(2) Where the regulated entity fails to apply to the Federal High Court within the period specified in subsection (1), the Commission may apply to the Federal High Court for the winding up of the regulated entity.

(3) The Commission, if satisfied that it is in the public interest to do so, may, without waiting for the period mentioned in subsection (1) to elapse, appoint any person as the official receiver or provisional liquidator and the person so appointed shall have the power conferred by or under the Companies and Allied Matters Act and shall be deemed to have been appointed official receiver or provisional liquidator by the Federal High Court for the purpose of that Act.

(4) This section shall have effect and the provisions of the Companies and Allied Matters Act on winding up shall be construed as if the cancellation of the registration of a regulated entity under this Act had been included as a ground for winding up by the Federal High Court under this section.

(5) The official receiver or provisional liquidator of a regulated entity shall forward to the Commission copies of any returns which he is required to make under the Companies and Allied Matters Act.