Page:Variable Capital Companies Act 2018.pdf/145

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Application of Part VIII of Companies Act


 * 125.—(1) Part VIII of the Companies Act applies in relation to a receiver or manager of the property of a VCC or a particular sub-fund of an umbrella VCC, as it applies in relation to a receiver or manager of the property of a company or corporation, subject to section 5, the modifications set out in this section and sections 126, 127 and 128.


 * (2) A reference in provision of Part VIII of the Companies Act to the assets, property, debts, liabilities or creditors of a company or other corporation is to the assets, property, debt, liabilities and creditors of the VCC or of the sub-fund, as the case may be.


 * (3) Except as otherwise stated in this section and sections 126, 127 and 128, a reference in a provision of Part VIII of the Companies Act to the company is to the VCC.


 * (4) In addition to the persons mentioned in section 217(1) of the Companies Act, the following persons are also not qualified to be appointed as a receiver of the property of the VCC or the sub-fund of the VCC, and must not act as such:


 * (a) the manager of the VCC, the custodian of the VCC (being a non-umbrella VCC) or the custodian of a sub-fund of the VCC;


 * (b) a director, a secretary or a employee of such manager or custodian.


 * (5) Section 217(3) of the Companies Act is omitted.


 * (6) The reference in section 218(1) of the Companies Act to the rights of the receiver or other authorised person against the company is to the rights of a receiver or other authorised person against the VCC or the umbrella VCC in respect of the sub-fund, as the case may be.


 * (7) A reference in section 218(4) or 223(1)(c) of the Companies Act to holders of debenture of the company is to holders of debentures of the VCC or of the sub-fund, as the case may be.