BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

26/2005
unconditionally;
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(b) dispense with any of the requirements of subsection (4)(a).
(6) The Court may attach such conditions as it thinks fit to a segregated
portfolio transfer order, including conditions as to the discharging of
claims of creditors entitled to have recourse to the segregated
portfolio assets attributable to the segregated portfolio in relation to
which the order is sought.
(7) The Court may make a segregated portfolio transfer order in relation
to a segregated portfolio of a segregated portfolio company
notwithstanding that
(a) a voluntary liquidator has been appointed in respect of the
company; or
(b) a portfolio liquidation order has been made in respect of the
segregated portfolio or any other segregated portfolio of the
company.
(8) The provisions of this section are without prejudice to any power of a
segregated portfolio company lawfully to make payments or transfers
from the segregated portfolio assets attributable to any segregated
portfolio of the company to a person entitled, in conformity with the
provisions of this Act, to have recourse to those segregated portfolio
assets.
(9) Notwithstanding the provisions of this section, a segregated portfolio
company shall not require a segregated portfolio transfer order to
invest, and change investment of, segregated portfolio assets or
otherwise to make payments or transfers from segregated portfolio
assets in the ordinary course of the company’s business.
(10) Section 175 shall not apply to a transfer of segregated portfolio assets
attributable to a segregated portfolio of a segregated portfolio
company made in compliance with this section.
Division 3 - Liquidation, Portfolio Liquidation Orders and Administration
150. In this Division, “liquidator” means a voluntary liquidator or an Insolvency Act
liquidator and “liquidation” shall be construed accordingly.
AE/ET/Pub./bg/03.2007
Meaning of
“liquidator”.