Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a company if:
(a) the company ceases to be a * 100% subsidiary in relation to at least one other company; and
(b) at that time, the company is the debtor for a * limited recourse debt that has not been paid in full by the company; and
(c) the creditor's rights under the debt are transferred or assigned to another entity.
(2) If this section applies, this Division applies as if the debt were terminated, and refinanced with * non - arm's length limited recourse debt, at the time the company ceased to be a * 100% subsidiary of that other company.