Irish Collective Asset-Management Vehicles Act 2015


Breaches of certain duties: liability to account and indemnify

84. (1) Subject to section 85 , where a director of an ICAV acts in breach of his or her duty unde r section 79 (1)(a) , (c), (d), (e), (f) or (g), he or she shall be liable to do either or both (as the corresponding common law rule or equitable principle relating to bodies corporate with respect to the matter would have required) of the following things:

(a) account to the ICAV for any gain which he or she makes directly or indirectly from the breach of duty;

(b) indemnify the ICAV for any loss or damage resulting from that breach.

(2) Subsection (1) is without prejudice to—

(a) the ICAV’s right at common law to claim damages for breach of duty, or

(b) the ICAV’s right to make an application seeking the grant of equitable relief,

but subsection (1) and this subsection shall not be read as having the combined effect of enabling the ICAV to be afforded more compensation for any damage or injury, or more protection of any proprietary right, than is just and equitable in all the circumstances.