> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/legal-framework/investor-protections-and-creditor-hierarchy.md).

# Investor Protections & Creditor Hierarchy

T-Blocks Trio Fund provides several layers of investor protection, both statutory and contractual.

#### Statutory protections under the Securitisation Law 2004

Ring-fencing (Article 8). Assets of each SubFund are legally segregated. See[ SubFund Architecture & Ring-Fencing](https://claude.ai/chat/bbf8ef93-8471-418b-b238-b12e47611f29#33-subfund-architecture--ring-fencing) for full detail.

Non-petition and non-seizure (Article 64). Every Unitholder, Noteholder, Lender, Creditor, and Contracting Party agrees — by operation of law and contractual acceptance — not to:

* Petition for the bankruptcy, liquidation, or dissolution of the Fund, or request any collective or reorganisation proceedings against the Fund
* Seize any assets of the Fund, regardless of whether the assets belong to the relevant SubFund, any other SubFund, or unallocated Fund assets

Pari-passu ranking (Article 64). Units, Notes, and Loans rank pari-passu within each SubFund, unless otherwise provided in the relevant documentation.

Extinguishment of claims. Once all assets allocated to a SubFund have been realised, all claims by Unitholders, Noteholders, Lenders, and Creditors of that SubFund are extinguished. No further recourse against the SubFund, the Fund, or the Management Company is available.

#### Contractual protections under the Management Regulations

Independent governance. The Fund's auditor (Forvis Mazars), custodian, legal counsel, and tax advisors are independent of the Management Company. Each SubFund's service provider framework is defined in its Specific Management Regulations.

Limited liability. The aggregate liability of a Unitholder will in no event exceed the aggregate of the NAV per Unit held by that Unitholder from time to time.

Transparency. Audited annual reports are established at the end of each fiscal year and made available to Unitholders. NAV is calculated on each NAV Calculation Day and made available at the Management Company offices.

Replacement mechanism. The Management Company can be replaced for Cause by Unitholders holding more than 80% of outstanding Units — ensuring governance accountability.