101—(1) This section applies to any legal proceedings brought by a company to which section 100 applies to enforce a right arising out of a contract or conveyance in connection with which there was a failure to comply with that section.
(2) The proceedings shall be dismissed if the defendant to the proceedings (“D”) shows—
(a)that D has a claim against the claimant arsing out of the contract or conveyance that D has been unable to pursue by reason of the failure to comply with section 100, or
(b)that D has suffered some financial loss in connection with the contract or conveyance by reason of the failure to comply with that section,
unless the court before which the proceedings are brought is satisfied that it is just and equitable to permit the proceedings to continue.
(3) This section does not affect the right of any person to enforce such rights as that person may have against another in any proceedings brought by that person.
Commencement Information
I1S. 101 in operation at 24.6.2013 by S.R. 2013/145, art. 2, Sch.