Irish Collective Asset-Management Vehicles Act 2015

141.

Declaration of solvency

141. (1) Where an application is made by a company under section 140 a director of the company making the application shall make a statutory declaration stating that he or she has made a full inquiry into its affairs and has formed the opinion that the company is able to pay its debts as they fall due.

(2) A declaration is of no effect unless

(a) it is made not more than 28 days before the date on which the application is made,

(b) it contains a statement of the company s assets and liabilities as at the latest practicable date before the making of the declaration, and, in any case, as at a date that is not more than 3 months before the date of the making of the declaration, and

(c) a report made by an independent person under subsection (4) is attached to the declaration, along with a statement by the independent person that he or she has given and has not withdrawn consent to the making of the declaration with the report attached to it.

(3) The report mentioned in subsection (2) (c) shall state whether, in the independent person s opinion, based on the information and explanations given to him or her, the opinion of the director mentioned in subsection (1) and the statement of the company s assets and liabilities referred to in subsection (2)(b) , are reasonable.

(4) The independent person shall be a person who, at the time the report is made, is qualified to be auditor of the applicant.

(5) A director who makes a declaration under this section without having reasonable grounds for the opinion that the company is able to pay its debts as they fall due commits a category 2 offence.

(6) Where the company is wound up within a year after the date on which the application is made and its debts are not paid or provided for in full within that year, it shall be presumed, unless the contrary is shown, that the director did not have reasonable grounds for his or her opinion.