Recently, the Minister responsible for the registration of
commercial partnerships has made certain specific regulations
(herein mentioned) which apply to any company conducting a shipping or
aviation business.
Primarily, it is to be highlighted that a cell
company is a company formed or established as such or
converted into a cell company and creating within itself one or
more cells for the purposes of separating and protecting the
cellular assets of the company.
Nonetheless, a cell company shall be founded as per law and it is still to be considered to be as a
single legal person. Hence, a cell within said type of company
shall not create a distinct legal personality.
In relation to the cell company's name, it
shall include the expression 'Mobile Assets Protected Cell
Company' or 'MAPCC'. Also, the abovementioned company
shall highlight its cell company status in the Memorandum and
Articles of Association. Hence, the latter has to be amended upon a
conversion
