(1) Upon ceasing to carry on the business of international financial services representation in respect of which a licence was granted, a licensee shall surrender the licence and produce—
(a) in the case of a licensee who is a natural person, evidence that the licensee has repaid all deposits and has transferred all assets held or administered on behalf of companies or trusts or for which the licensee has actedas a trustee and provided international financial services representation;
(b) in the case of a licensee which is a company or other body corporate or unincorporate body evidence that it is being wound-up voluntarily and that the licensee is solvent, has repaid all deposits held by it and all its other creditors, and has transferred all assets held or administered on behalf of companies or trusts for which it has acted as trustee; and
(c) the evidence required in paragraphs (a) and (b) above shall be accompanied by a certificate from the licensee's auditor confirming the accuracy of the evidence.
(2) In the case of a surrender of licence under subsection (1)(b), the Director may apply to the Court for an order that the licensee be wound-up either by the Court or subject to the supervision of the Court, and where the Court so orders, the provisions of the Companies Act relating to the winding-up of a company by or subject to the supervision of the Court, apply with the necessary changes.