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A form of [[espievie]] — seen in the wild in the Cayman Islands, jersey and [[tax haven|places like that]] — where [[limited recourse]] is achieved by operation of the company’s [[constitutive documents]], which segregates the company’s innards into segregated cells, assets in each of which are fully protected from claimants pertaining to other [[cell]]s. While their host [[espievie]] | {{a|entity|}}A form of [[espievie]] — seen in the wild in the Cayman Islands, jersey and [[tax haven|places like that]] — where [[limited recourse]] is achieved by operation of the company’s [[constitutive documents]], which segregates the company’s innards into segregated cells, assets in each of which are fully protected from claimants pertaining to other [[cell]]s. While their host [[espievie]] is its own [[legal person]] able to live, love and enter meaningful contractual relations, the individual [[cell]]s in themselves do not. | ||
{{ | The [[cell]]s are recognised under domestic law — important on an insolvency — as being isolated from claims of counterparties who have contracted specifically with other cells. It is a way of achieving [[segregation]] and [[bankruptcy remoteness]] using [[statute]], rather than {{tag|contract}}, {{tag|trust}} and {{tag|equity}}. | ||
Contrast with [[incorporated cell company]], where the cells ''do'' have separate [[legal personality]], and with normal old {{tag|SPV}}s, where you can achieve more or less the same thing contractually with a combination of [[limited recourse]] and [[security]]. | |||
{{sa}} | |||
*[[Limited recourse]] | *[[Limited recourse]] | ||
*[[Bankruptcy remoteness]] | *[[Bankruptcy remoteness]] | ||
*[[Incorporated cell company]] | *[[Incorporated cell company]] |