Subject Title - INSETA

11.2 EFFECT OF VOLUNTARY SEQUESTRATION, WINDING-UP ORCLOSURE OF A BUSINESS ON ITS LICENSING STATUSSection 38 of the FAIS Act states that:NOApplication for voluntary surrender of an estate broughtbefore a court in terms of Section 3 of the Insolvency Act 1NOSpecial resolution relating to the winding-up, as provided forin Section 349 of the Companies Act 1 , and registered interms of that ActNOWritten resolution relating to the winding-up, as provided forin Section 67 of the Close Corporations Act, and registered interms of that SectionNOVoluntary closure of businessBy any authorised FSP, or representative of such provider, and no specialresolution in terms of the constitution of such a provider or representative,which is not a company, to close its business, have legal forceUNLESSUNLESSa copy or notice of the intended process has been lodgedwith the RegistrarANDthe Registrar has declared to the FSP or representative bynotice, that the Registrar is satisfied with thearrangements that have been made to meet all liabilitieswith regard to transactions entered into with clients priorto sequestration, winding-up or closure, as the case maybeORThe Registrar may declare that the application, resolutionor closure is contrary to the FAIS Act and that it has nolegal effect.212 © INSETA - Section 1 12a