Regulation 147(1) The Authority may consent to the voluntary winding up of an employer sponsored scheme without appointing a liquidator if, on receiving an application, the Authority is satisfied that(a) there are no scheme assets to be realized or disposed of and if there are any such assets, appropriate arrangements have been made for their realization and disposal;(b) there are no remaining scheme members or if there are remaining scheme members, appropriate arrangements have been made for those members' accrued benefits to be transferred to another registered scheme acceptable to the Authority. (2) The Authority may consent to the voluntary winding up of an employer sponsored scheme subject to the appointment of a liquidator if, on receiving an application, the Authority is satisfied that(a) there are scheme assets, and appropriate arrangements have not been made for their realization and disposal; or(b) there are remaining scheme members, and appropriate arrangements have not been made for those members' accrued benefits to be transferred to another registered scheme acceptable to the Authority.(3) The Authority may impose reasonable conditions that the Authority considers appropriate in respect of the winding up of an employer sponsored scheme.(4) Where the Authority proposes to appoint a liquidator to conduct the winding up of the scheme the Authority(a) shall consult the applicant before the appointment; and(b) may require the participating employer to give to the Authority a performance guarantee in respect of the payment of the liquidator's fees and the expenses incurred in winding up the scheme.(5) The performance guarantee shall (a) be in writing and issued by an authorised financial institution; and(b) impose an obligation on the authorised financial institution to indemnify the liquidator against any loss sustained by the liquidator as a result of a failure by the participating employer to pay the liquidator's fees and the expenses incurred in winding up the scheme.(6) The winding up of an employer sponsored scheme commences on the date on which notice of the consent is given to the applicant or, at a later date specified in the notice.(7) Within thirty days after giving its consent, the Authority shall give written notice of its consent to the applicant and, if the applicant is not the approved trustee of the scheme to the trustee concerned. (8) The notice shall specify (a) the conditions which the Authority has imposed with respect to the winding up; (b) the name and address of the liquidator and the terms and conditions of the liquidator's appointment if the Authority appoint a liquidator to conduct the winding up; and(c) the date on which the winding up is to commence.(9) An applicant shall publish in at least two newspapers with wide circulation in Ghana a notice (a) that the scheme is being wound up and that the Authority has given its consent to the winding up under section 118 of the Act; (b) specifying any conditions imposed by the Authority in granting its consent to the winding up; (c) specifying the name and address of the liquidator if a liquidator has been appointed to conduct the winding up; and(d) specifying the date on which the winding up commenced within fourteen days after the Authority has given its consent for the winding up of the scheme.(10) The applicant shall within fourteen days after the date on which the notice is published, serve a copy of that notice (a) on each of the remaining scheme members if there are any remaining scheme members;(b) on the trustee if the applicant is not the approved trustee of the scheme; and(c) on the employer if the applicant is not the participating employer concerned.