Regulation 49 Third parties circumventing segregation
Where—
(a)
a person has a claim against a protected cell company;
(b)
the claim relates to a part of the protected cell company (“part A”);
(c)
the person obtains property from the protected cell company in full or partial satisfaction of the claim; and
(d)
the property was held by the protected cell company on behalf of a part of the protected cell company other than part A (“part B”),
then the person holds the property on trust for the benefit of part B.