Transfer of cellular assets from protected cell companies

(1) It shall be lawful, subject to the provisions of subsection (3) of this section, for the cellular assets attributable to any cell of a protected cell company, but not the non-cellular assets of a protected cell company, to be transferred to any person, wherever resident or incorporated, and whether or not (2) A transfer, pursuant to subsection (1) of this section, of cellular assets attributable to a cell of a protected cell company shall not of itself entitle creditors of that protected cell company to have recourse against the person to whom the cellular assets were transferred. (3) No transfer of the cellular assets attributable to a cell of a protected cell company may be made except under the authority of and in accordance with the terms and conditions of an order of the Court made under this section and called a “cell transfer order”. (4) The Court shall not make a cell transfer order in relation to a cell of a protected cell company, (a) unless the creditors of the protected cell company entitled to have recourse against the cellular assets attributable to the cell of such a protected cell company consent to the transfer; and (b) without hearing the representations of the Registrar or Deputy Registrar thereon. (5) The Court, on hearing an application for a cell transfer order in respect of a protected cell company, 16 (a) may make an interim order or adjourn the hearing, conditionally or unconditionally; and (b) may dispense with any of the requirements of subsection (4) of this section. (6) The Court may attach such conditions as it thinks fit to a cell transfer order in respect of a protected cell company, including conditions as to the discharge of the claims of creditors entitled to have recourse against the cellular assets attributable to the cell in relation to which an order is sought. (7) The Court may make a cell transfer order in relation to a cell of a protected cell company notwithstanding that, (a) a liquidator has been appointed to act in respect of the protected cell company; (b) the protected cell company has passed a resolution for voluntary winding-up; (c) a receivership order has been made in respect of such cell or any other cell of the protected cell company; or (d) an administrative order has been made in respect of such cell, the protected cell company or any other cell of the protected (8) The provisions of this section are without prejudice to any power of a protected cell company lawfully to make payments from the cellular assets attributable to any cell of the protected cell company to any person entitled, in conformity with the provisions of this Act, to have recourse against those cellular assets of the protected cell company.