29Funds to be paid into special accounts

29 Funds to be paid into special accounts

29 Funds to be paid into special accounts

(1) As soon as is reasonably practicable after the commencement of the winding up period for a liable entity, the entity must establish the following accounts (which are to be located within the territorial limits of the State) in one or more authorised deposit-taking institutions—

(a) an account to be known as the “asset realisation account”,

(b) an account to be known as the “insurance proceeds account”,

(c) an account to be known as the “SPF account”,

(d) an account to be known as the “general account”.

(2) The following is to be paid into the asset realisation account—

(a) all money received from the sale or other realisation of any asset (other than a policy of insurance) of the entity that existed immediately before the day on which the winding up period for the liable entity commenced,

(b) all interest received in respect of investment of money in the account,

(c) all money directed to be paid into the account by or under this or any other Act.

(3) The following is to be paid into the insurance proceeds account—

(a) all money received from an insurer of the entity in respect of insurance policies entered into before the day on which the winding up period for the liable entity commenced (whether by reason of recovery of amounts payable under insurance policies or the commutation of the proceeds of such policies) less any expenses of or incidental to getting in that money,

(b) all interest received in respect of investment of money in the account,

(c) all money directed to be paid into the account by or under this or any other Act.

(4) The following is to be paid into the SPF account—

(a) all money received or contributed by the SPF trustee from the SPF,

(b) all interest received in respect of investment of money in the account,

(c) all money directed to be paid into the account by or under this or any other Act.