230 Position of creditors

(1) Subject to the terms of any recourse agreement, the rights of creditors of
a protected cell company correspond with the liabilities provided for in
sections 233 and 234.

(2) Subject to the terms of any recourse agreement, no creditor of a protected
cell company has any rights other than the rights referred to in this section
and in sections 231, 232, 233 and 234.

(3) There is implied (except in so far as the same is expressly excluded in
writing) in every transaction entered into by a protected cell company the
following terms —

(a) that no party shall seek, whether in any proceedings or by any
other means whatsoever or wherever, to make or attempt to
make liable any protected assets;

(b) that if any party succeeds by any means whatsoever or
wherever in making liable any protected assets, that party shall
be liable to the company to pay a sum equal to the value of the
benefit thereby obtained by him; and

(c) that if any party succeeds in seizing or attaching by any means
or otherwise levying execution against any protected assets,
that party shall hold those assets or their proceeds on trust for
and on behalf of the company and shall keep those assets or
proceeds separate and identifiable as such trust property.


(4) All sums recovered by a protected cell company as a result of any such
trust as is described in subsection (3)(c) shall be credited against any
concurrent liability imposed pursuant to the implied term set out in
subsection (3)(b).

(5) Any asset or sum recovered by a protected cell company pursuant to the
implied term set out in subsection (3)(b) or (3)(c) or by any other means
whatsoever or wherever in the events referred to in those subsections
shall, after the deduction or payment of any costs of recovery, be applied
by the company so as to compensate the cell affected or (as the case may
be) the core.

(6) In the event of any protected assets being taken in execution in respect of
a liability to which they are not attributable, and in so far as such assets
or compensation in respect thereof cannot otherwise be restored to the
cell affected or (as the case may be) the core, the company shall —

(a) cause or procure an independent expert, acting as expert and not
as arbitrator, to certify the value of the assets lost to the cell
affected or (as the case may be) the core; and

(b) transfer or pay, from the cellular or core assets to which the
liability was attributable, to the cell affected or (as the case may
be) the core, assets or sums sufficient to restore to the cell
affected or (as the case may be) the core, the value of the assets
lost.

(7) This section has extra-territorial application.