Section 147M
of International Business Companies Order, 2000
Section 147M
(a)
the dedicated assets attributable to that cell shall be primarily liable;
(b)
the company’s general assets shall be secondarily liable, provided that the dedicated assets attributable to the relevant cell have been exhausted;
and
(c)
the liability shall not be a liability of any dedicated assets not attributable to the relevant cell.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
134
BLUV as at 20th June 2017
(2)
In the case of loss or damage which is attributable to a particular cell of a DCC and which is caused by fraud, the loss or damage shall be the liability solely of the company’s general assets, but without prejudice to any liability of any person other than the company:
Provided that the fraud referred to in this subsection does not include the fraud of any person making a claim against the company or any of its assets or of that person’s servants, employees, officers or agents.
(3)
Any liability not attributable to a particular cell of a DCC shall be the liability solely of the company’s non dedicated assets.
(4)
Notwithstanding the foregoing provisions of this section –
(a)
the liabilities under subsection (1)(a) of the dedicated assets attributable to a particular cell of a DCC shall abate rateably until the value of the aggregate liabilities equals the value of those assets:
Provided that the provisions of this paragraph shall be disregarded in assessing the existence and extent of any secondary liability under subsection
(1)
;
(b)
the liabilities of the company’s general assets shall abate rateably until the value of the aggregate liabilities equals the value of those assets:
Provided that the provisions of this paragraph shall not apply in any situation in which any of the liabilities of the company’s general assets arises from fraud or by reason of a special agreement such as is referred to in subsection (1).
(5)
This section shall have extra-territorial application.
Disputes as to liability attributable to cells.