Page 430 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 133

(c) the appointment is necessary for the orderly winding
up of the regulated activity undertaken by the permitted
person; or

(d) the appointment is necessary so that the affairs, business
and property relating to the former regulated activity
undertaken by a person may be settled or disposed of
in an orderly manner,

it may appoint a suitable person as receiver.

(3) On the presentation or hearing of a petition the Court
may dismiss it, or adjourn the hearing conditionally or
unconditionally, or make an interim order or any other order that
it thinks fit.

(4) Without prejudice to the generality of subsection (3),
an interim order under that subsection may be made ex parte and
may restrict (whether by reference to the consent of the Court or
otherwise) the exercise of any powers of —

(a) the permitted person; or

(b) if the permitted person is a body corporate, its directors,

in respect of the affairs, business and property of the regulated
activity of the permitted person.

(5) This section is without prejudice to the generality of
the jurisdiction of the High Court under section 42 of the High
Court Act 1991, or under any other enactment or at common
law.

22. (1) The Commission may, by order, prescribe Appointment
circumstances in which the Commission may apply to the High of business
Court for the appointment by the Court of a person as a manager manager
to manage the affairs of persons in so far as those affairs relate to
the carrying on of a regulated activity.

(2) An order made under subsection (1) may contain such
incidental or supplementary provisions as the Commission
considers necessary or expedient, and may contain different
provisions for different types of regulated activity.

(3) The Court may, on an application made to it by the
Commission in circumstances prescribed in an order made under
subsection (1), appoint, on such terms as it considers to be
appropriate, a person to manage the affairs of a person in so far as
those affairs relate to the carrying on of a regulated activity.