A regulatory direction terminates at the end of the period specified in the direction; if an appeal is lodged under Part VIIA of the Central Bank Act 1942 and the period is varied by the Irish Financial Services Appeals Tribunal, at the end of the period as so varied; or on the making by the Court of a winding‑up order in respect of the credit union, whichever first occurs. If the Bank forms the opinion that a directed credit union can meet its obligations but the circumstances that gave rise to the direction are unlikely to be rectified, the Bank may require in writing that the credit union, in consultation with the Bank, prepare and submit for approval a scheme for the orderly termination of its business and discharge of its liabilities; the credit union must comply within two months and that requirement is an appealable decision under Part VIIA.

If a credit union fails to comply with such a requirement or fails to implement an approved scheme, the Court may, on the Bank's application, make an order for winding‑up on the ground that it is just and equitable or such other order as appropriate; the Court may revoke or amend that order. While a regulatory direction is in force the credit union must ensure its assets are depleted only with the Bank's approval; the Court may, on the Bank's application, order suspension of payments from the credit union's bank accounts; the credit union must make reasonable arrangements to use funds to meet members' applications for repayment of money subscribed or deposited by them; and if the Bank considers an undue proportion of funds is being applied to loans, after notice and an opportunity to make representations the Bank may apply to the Court for winding‑up.