For a regulated investment fund, the nominated liquidator must be approved by the regulator (e.g. the CSSF). In order to assume an appointment, the nominated liquidator must provide guarantees of good repute and professional skill (see article 145(1) of the Law of 17 December 2010 relating to undertakings for collective investment, as amended) (UCI Law) and the appointment is not a matter to be taken lightly as it carries certain responsibilities and duties to stakeholders and that of the fund itself (see article 143 (8) of the UCI Law, as amended). Ramifications from the conduct of the liquidators may arise as legal actions can be brought against them for up to a maximum of five years from the publication of the liquidation´s closure (see article 143 (10) of the UCI Law, as amended). The conclusion is that acting as liquidator is not a simple matter to be taken lightly, even in the context of a solvent voluntary liquidation.
EY Luxembourg has extensive experience dealing with the liquidation of various regulated investment funds, and obtaining approval from CSSF to act as liquidator. EY Luxembourg has a dedicated restructuring and liquidation team to ensure that the liquidation of the fund is handled efficiently by an independent third party and in compliance with applicable law.
