Dáil debates
Wednesday, 28 January 2015
Irish Collective Asset-management Vehicles Bill 2014: Report Stage
3:30 pm
Simon Harris (Wicklow, Fine Gael) | Oireachtas source
I move amendment No. 30:
In page 104, between lines 23 and 24, to insert the following:“Restraining directors and others from removing assets
170. (1) The High Court may make an order restraining a director or other officer of an ICAV, or an ICAV, from—(a) removing his or her or the ICAV’s assets from the State, or(2) The High Court may make the order if it is satisfied that—
(b) reducing his or her or the ICAV’s assets within or outside the State below an amount specified in the order.(a) the applicant has a qualifying claim, and(3) The High Court may make the order only on the application of—
(b) there are grounds for believing that the director or officer, or the ICAV, may remove or dispose of his or her assets or the assets of the ICAV with a view to evading his or her obligations or those of the ICAV and frustrating an order of the High Court.(a) the ICAV,(4) In subsection (2)(a) “qualifying claim” means a claim that—
(b) a director, member, liquidator, receiver or creditor of the ICAV, or
(c) the Director of Corporate Enforcement.(a) is a substantive civil cause of action or right to seek a declaration of personal liability or to claim damages against the director, officer or ICAV, and
(b) arises—(i) under this Act,
(ii) under the instrument of incorporation of the ICAV, or
(iii) from the holding of an office of the ICAV.”.
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