All sections · Part XIII: Protected Cell Companies · Sub-Part IV: Assets and Liabilities
234 Liability of core assets
(1) Subject to the provisions of subsection (2), and to the terms of any
recourse agreement, where any liability arises which is attributable to the
core of a protected cell company —
(a) the core assets are liable; and
(b) the liability is not a liability of any protected assets.
(2) In the case of loss or damage which is suffered by the core of a protected
cell company and which is caused by fraud perpetrated by or upon a cell,
the loss or damage is the liability solely of the cellular assets of that cell,
without prejudice to any liability of any person other than the company.
(3) This section has extra-territorial effect.
recourse agreement, where any liability arises which is attributable to the
core of a protected cell company —
(a) the core assets are liable; and
(b) the liability is not a liability of any protected assets.
(2) In the case of loss or damage which is suffered by the core of a protected
cell company and which is caused by fraud perpetrated by or upon a cell,
the loss or damage is the liability solely of the cellular assets of that cell,
without prejudice to any liability of any person other than the company.
(3) This section has extra-territorial effect.
