Commonwealth Consolidated Acts

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INSURANCE ACT 1973 - SECT 62ZOZ

Costs of statutory management

  (1)   APRA's costs (including costs in the nature of remuneration and expenses) of being in control of a body corporate's business, or of having an administrator in control of a body corporate's business, are payable from the body corporate's funds and are a debt due to APRA.

  (2)   Despite anything contained in any law relating to the winding - up of companies, debts due to APRA by a body corporate under subsection   (1) have priority in a winding - up of the body corporate over all other unsecured debts.



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