Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62S

  (1)   The Federal Court may give directions about:

  (a)   the remuneration and allowances that a judicial manager is to receive; and

  (b)   who is to pay the remuneration and allowances.

  (2)   The Federal Court may charge the judicial manager's remuneration and allowances on the property of the general insurer under judicial management in such order of priority in relation to any existing charges on that property as the Court thinks fit.

  (3)   Subsection   73(2) of the Personal Property Securities Act 2009 applies to a charge created in accordance with subsection   (2).

Note 1:   The effect of this subsection is that the priority between a charge and a security interest to which the Personal Property Securities Act 2009 applies is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009 .

Note 2:   Subsection   73(2) of the Personal Property Securities Act 2009 applies to statutory interests that arise after the commencement of subsection   (3) (which is the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).