What if the depositary of the reserved alternative investment fund (RAIF):

has voluntarily withdrawn;
is removed by the RAIF or by its management company;
is no longer compliant with the law; or
is insolvent?

The directors or managers of the RAIF or its management company must take all necessary measures in order to replace the depositary by another depositary complying with the law.

What if the depositary has not been replaced within 2 months as from its withdrawal?

The directors or managers of the RAIF or of its management company shall, within 3 months following the withdrawal of the depositary, request the District Court dealing with commercial matters (Tribunal d’arrondissement siégeant en matière commerciale) to pronounce the dissolution and liquidation of the reserved alternative investment fund pursuant to the law.

References: Article 5(5) of the Law of 23 July 2016 on reserved alternative investment funds as amended (the RAIF Law); Safekeeping - RAIF XXI, July 18, 2021, #387-376*, Bertrand Mariaux.

* Podcast #389

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)