174. (1) This section applies if an ICAV or an officer of an ICAV—

(a) has failed to comply with a provision of this Act, and

(b) the ICAV or officer has failed to remedy the default within 14 days (or such longer period as may be specified in the notice) after the date of service by any person referred to in subsection (3) on the ICAV or officer of a notice requiring the ICAV or officer to remedy the default.

(2) In any case to which this section applies, the High Court, on the application of a person specified in subsection (3), may order the ICAV or officer in default to remedy the default within such time as the High Court specifies.

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

(a) any member of the ICAV;

(b) any creditor of the ICAV;

(c) the Director of Corporate Enforcement.

(4) In making an order under subsection (2), the High Court may order that the ICAV or the officer responsible for the default pay all costs of and incidental to the application.

(5) Subject to subsection (6), no order may be made under this section in relation to a default that, in the opinion of the High Court, constitutes a wrong done to the ICAV an action in respect of which, under the general law, is maintainable by the ICAV alone, as distinct from another by derivative proceedings.

(6) Subsection (5) does not apply if the facts constituting the default in question amount, in the opinion of the High Court, to the commission of an offence.

(7) Nothing in this section shall be taken to prejudice the operation of any enactment imposing penalties (including restriction or disqualification) on an ICAV or its officers in respect of the default in question.

(8) In this section “officer” means director, shadow director, promoter, receiver, liquidator, auditor or secretary.