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.