Section 221Part 14 — Segregated Portfolio Companies
Segregation of liabilities
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Where a liability of a segregated portfolio company to a person arises from a matter, or is otherwise imposed, in respect of or attributable to a particular segregated portfolio —
such liability shall extend only to, and that person shall, in respect of that liability, be en titled to have recourse only to —
firstly, the segregated portfolio assets attributable to such segregated portfolio; and
secondly, unless specifically prohibited by the articles of association, the segregated portfolio company ’ s general assets, t o the extent that the segregated portfolio assets attributable to such segregated portfolio are insufficient to satisfy the liability, and to the extent that the segregated portfolio company ’ s general assets exceed any minimum capital amounts lawfully required by a regulatory body in the Islands; and
such liability shall not extend to, and that person shall not, in respect of that liability, be entitled to have recourse to the segregated portfolio assets attributable to any other segregated portfoli o.
Where a liability of a segregated portfolio company to a person arises or is imposed otherwise than from a matter in respect of a particular segregated portfolio or portfolios, such liability shall extend only to, and that person shall, in respect o f that liability, be entitled to have recourse only to, the company ’ s general assets.