Irish Collective Asset-management Vehicles Act 2015

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Restrictions on directors of insolvent ICAVs

86. (1) The provisions of Chapter 3 of Part 14 of the Companies Act 2014 , and the other provisions of that Act relating to restrictions on directors of an insolvent company (within the meaning of section 818), have effect in accordance with subsection (2).

(2) Those provisions have effect as if—

(a) the following references:

(i) the reference to a company referred to in section 819(6) in the definition of “company” in section 818(1) ;

(ii) the references to a company in section 818(3) ;

(iii) the final 3 references to a company in section 819(1) ;

(iv) the references to an investment company in section 819(5) ;

(v) the references to a company in sections 821(1) (a) and (b), 825(1) and (2) and 836;

(vi) the references to a company in the definition of “restriction” in section 849;

(vii) the references to a company in sections 853(5), 855(1), 858 and 859,

included an ICAV, and

(b) the reference in section 828(2) to the constitution of a company included the instrument of incorporation of an ICAV.

(3) The provisions of the Companies Act 2014 mentioned in subsection (1) apply, subject to necessary modifications and to the specific modifications specified in subsection (4), in relation to directors of an insolvent ICAV as if they were directors of an insolvent investment company.

(4) The modifications are that—

(a) references to a company in the definitions of “director of an insolvent company” and “insolvent company” in subsection (1) of section 818 and subsection (2) of that section are to an ICAV,

(b) references to the Registrar are to the Bank,

(c) the reference to prescribed particulars in sections 819(7) and 823(2), and to the prescribed form and manner in section 819(7), are to particulars, and to the form and manner, specified by the Bank, and

(d) the reference in section 823(5) to section 894 is to section 14 of this Act.