(1) Subject to subsection (2), if -
(a) an ICAV that is being wound up and that is unable to pay all of its debts has contravened any of sections 109 to 113, and
(b) the High Court considers that such contravention -
(i) has contributed to the ICAV’s inability to pay all of its debts,
(ii) has resulted in substantial uncertainty as to the assets and liabilities of the ICAV, or
(iii) has substantially impeded the orderly winding up of the ICAV,
the High Court, on the application of the liquidator or any creditor or contributory of the ICAV, has the following power.
(2) The power of the High Court is to declare, if it thinks it proper to do so, that any one or more of the officers and former officers of the ICAV who is or are in default shall be personally liable, without any limitation of liability, for all, or such part as may be specified by the High Court, of the debts and other liabilities of the ICAV.
(3) On the hearing of an application under this section, the person bringing th
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