(1) This regulation applies to a transfer, or a part of a transfer, which is made by a protected cell company -

(a) from assets held on behalf of a part ("part A") of the protected cell company;

(b) to a person holding a debenture issued by the protected cell company on behalf of a part of a protected cell company (either part A or another part); and

(c) in contravention of regulation 148.

(2) If at the time of the transfer the person knows or has reasonable grounds for believing that it is made in contravention of regulation 148, the person is liable -

(a) to repay the amount transferred (or that part of it, as the case may be) to the protected cell company; or

(b) in the case of a transfer made otherwise than in cash, to pay the protected cell company a sum equal to the value of the transfer (or part of it) at that time.

(3) This regulation is without prejudice to any obligation imposed apart from this regulation on a person to repay a transfer which was made unlawfully to that person.