Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) 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.
(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 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.
(4) 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.