Superannuation Industry (Supervision) Regulations 1994
Subject to subregulation (4), the trustee of an accumulation fund to which this Division applies that is in a period of technical insolvency must initiate winding-up proceedings in accordance with this Division if;
(a) the fund fails to comply with regulation 9.38 or 9.39 during a period of technical insolvency; or
(b) the fund is not solvent within the meaning of that term in subregulation 9.35(2) on the date on which that period ends;
and regulation 9.44 does not apply.
9.43(2) [Operation of Division]Winding-up proceedings initiated under subregulation (1) must be carried out in accordance with this Division.
9.43(3) [Proceedings initiated under other conditions]Subject to subregulation (4), if a trustee of an accumulation fund to which this Division applies initiates winding-up proceedings in relation to the fund otherwise than under subregulation (1), the winding-up proceedings must be carried out in accordance with this Division.
9.43(4) [Winding-up schemes by the Regulator]This regulation does not apply to an accumulation fund in respect of which the Regulator formulates a scheme for the winding-up of the fund.
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