Irish Collective Asset-Management Vehicles Act 2015

175.

Restraining directors and others from removing assets

175. (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

(b) reducing his or her or the ICAV s assets within or outside the State below an amount specified in the order.

(2) The High Court may make the order if it is satisfied that

(a) the applicant has a qualifying claim, and

(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.

(3) The High Court may make the order only on the application of

(a) the ICAV,

(b) a director, member, liquidator, receiver or creditor of the ICAV, or

(c) the Director of Corporate Enforcement.

(4) In subsection (2)(a) qualifying claim means a claim that

(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.