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The Risk Transformation Regulations 2017

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This is the original version (as it was originally made).

Dissolution of a cell: effect on property and liabilities

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179.—(1) Where a cell of a protected cell company is dissolved in accordance with regulation 178—

(a)the protected cell company is released from all outstanding liabilities and obligations which were incurred on behalf of the cell or which are attributable to the cell;

(b)any enforceable arrangements made between the cell and any other cell are deemed to be cancelled; and

(c)any property of the protected cell company which is held on behalf of the cell is deemed to be moved to the core.

(2) A resolution of the protected cell company for the dissolution of a cell is to be treated as an instrument of transfer for the purposes of any enactment requiring the delivery of an instrument of transfer for the registration of property.

(3) Paragraph (1) is subject to regulations 181 to 185 (which are concerned with restoration).

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