(1) A reference in this Act to the liabilities of a CCIV includes a reference to:
(a) debts of the CCIV (including contingent and prospective debts); and
(b) expenses of the CCIV; and
(c) anything not covered by paragraphs (a) and (b) that might give rise to a debt of the CCIV, or a claim against the CCIV (present or future, certain or contingent, ascertained or sounding only in damages).
(2) For the purposes of this Part, a liability of a CCIV arises when the circumstances giving rise to the debt, expense or claim occur.
(3) This section does not apply for the purposes of Chapter 2M (about financial reports and audit).