252 Provisions in relation to liquidation of protected cell company

(1) Notwithstanding any statutory provision or rule of law to the contrary, in
the liquidation of a protected cell company, the liquidator —


(a) is bound to deal with the company‘s assets in accordance with
the requirements set out in paragraphs (a) and (b) of section 228(2); and

(b) in discharge of the claims of creditors of the protected cell
company, shall apply the company‘s assets to those entitled to
have recourse thereto in conformity with the provisions of this
Part.


(2) Any provision of an enactment or rule of law which provides that a
company‘s assets in a winding up shall be realised and applied in
satisfaction of the company‘s debts and liabilities paripassu shall be
modified and shall apply in relation to protected cell companies subject
to the provisions of this Part.