Section 147R
of International Business Companies Order, 2000
Section 147R
(2)
A transfer, pursuant to subsection (1), of dedicated assets attributable to a cell of a DCC shall not of itself entitle creditors of that company to have recourse to the assets of the person to whom the dedicated assets were transferred.
(3)
No transfer of the dedicated assets attributable to a cell of a DCC may be made except under the authority of, and in accordance with the terms and conditions of, a 75 per cent resolution made on the recommendation of a directors’ resolution.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
138
BLUV as at 20th June 2017
(4)
The directors shall not make a recommendation in accordance with subsection 3 in relation to a cell of a DCC unless they are satisfied –
(a)
(i)
that the creditors of the company entitled to have recourse to the dedicated assets attributable to the cell have consented to the transfer; or
(ii)
that those creditors would not be unfairly prejudiced by the transfer; and
(b)
that the Authority has given his prior written consent to the transfer.
(5)
The Authority may attach such conditions as he thinks fit to a consent given under subsection (4)(b), including conditions as to the discharging of claims of creditors entitled to have recourse to the dedicated assets attributable to the cell in relation to which the consent is sought.
(6)
The Authority may consent to a transfer of dedicated assets notwithstanding that –
(a)
a liquidator has been appointed to act in respect of the company or the company has passed a resolution for voluntary winding-up;
(b)
a receivership order has been made in respect of the cell or any other cell of the company;
(c)
an administration order has been made in respect of the cell, the company or any other cell thereof.
(7)
The provisions of this section are without prejudice to any power of a DCC lawfully to make payments or transfers from the dedicated assets attributable to any cell of the company to a person entitled, in conformity with the provisions of this Part, to have recourse to those dedicated assets.
(8)
This section shall not apply where the directors of DCC make or change any investment of dedicated assets or otherwise make payments or transfers from dedicated assets in the ordinary course of the company’s business or transactions.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
139
BLUV as at 20th June 2017
Inspection, supervisory management, etc., of DCC.