Liability of protected cell companies

(1) Where the liability of a protected cell company to a person arises from a transaction, or is otherwise imposed, in respect of a particular cell, (a) the liability of the protected cell company shall extend only to that person who shall, in respect of that liability, be entitled to have recourse only to, (i) the cellular assets attributable to that cell of the protected cell company; and (ii) to the extent that the cellular assets attributable to that cell of the protected cell company may be insufficient, the cell company’s non- cellular assets; (b) the liability of the protected cell company shall not extend to, and that person shall not, in respect of that liability, be entitled to have recourse against the attributable to any other cell of the protected (2) Where the liability of a protected cell company towards a person, (a) arises otherwise than from a transaction in respect of a particular cell of the protected cell company; or (b) is imposed otherwise than in respect of a particular cell of the protected cell company, 12 that liability of the protected cell company shall extend only to, and that person shall, in respect of that liability, be entitled to have recourse only against the company’s non-cellular assets. (3) Where the liability of a protected cell company to a person arises or is imposed in the manner mentioned in subsection (1) or (2) of this section, then, (a) the liability of the protected cell company; and (b) the right of that person to have recourse against the protected cell company’s assets in respect of such liability, shall in law, be limited in the manner mentioned in subsection (1) or, as the case may be, subsection (2) of this section.