Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) Subject to subregulation (4), the trustee of a defined benefit fund that is technically insolvent must initiate winding - up proceedings in accordance with this Division if:
(a) the fund fails to comply with regulations 9.17, 9.18 or 9.19 during the period of technical insolvency; or
(b) the superannuation actuary is unable to certify the solvency of the fund at the end of that period;
and regulation 9.24 does not apply.
(2) Winding - up proceedings initiated under subregulation (1) must be carried out in accordance with this Division.
(3) Subject to subregulation (4), if a trustee of a defined benefit 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.
(4) This regulation does not apply to a defined benefit fund in respect of which the Regulator formulates a scheme for the winding - up of the fund.