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Restraining directors and others from removing assets
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175. (1) The High Court may make an order restraining a director or other officer of an ICAV, or an ICAV, from—
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(a) removing his or her or the ICAV’s assets from the State, or
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(b) reducing his or her or the ICAV’s assets within or outside the State below an amount specified in the order.
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(2) The High Court may make the order if it is satisfied that—
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(a) the applicant has a qualifying claim, and
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(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.
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(3) The High Court may make the order only on the application of—
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(a) the ICAV,
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(b) a director, member, liquidator, receiver or creditor of the ICAV, or
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(c) the Director of Corporate Enforcement.
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(4) In subsection (2)(a) “qualifying claim” means a claim that—
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(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
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(b) arises—
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(i) under this Act,
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(ii) under the instrument of incorporation of the ICAV, or
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(iii) from the holding of an office of the ICAV.
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