PART 4Protected Cell Companies
CHAPTER 4Movements of assets, liabilities and obligations within a protected cell company
Movement of assets between cells52
1
Where an asset is recorded in the records and accounts of a protected cell company as an asset held by the protected cell company on behalf of a cell, the protected cell company may only amend its records and accounts so as to reallocate that asset to another cell where—
a
the amendment is made pursuant to enforceable arrangements made between the cells (see regulations 68 and 69);
b
the records and accounts mistakenly allocate the asset to the incorrect cell and the amendment corrects that mistake; or
c
the amendment is made pursuant to an order of the court.
2
An amendment made in contravention of paragraph (1) has no effect.