Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) No enforcement process in relation to property of a life company can be begun or proceeded with if the life company is under judicial management.
(2) Subsection (1) does not apply if:
(a) the Court grants leave for the process to be begun or continued on the ground that the person would be caused hardship if leave were not granted; or
(b) the beginning or continuing of the process is in accordance with such terms (if any) as the Court imposes.
(3) A person intending to apply for leave of the Court under paragraph (2)(a) must give APRA and the judicial manager at least 10 days notice of the intention to apply (or a shorter period, if the Court considers that exceptional circumstances make this necessary).
(4) APRA may apply to the Court to be joined as a party to the proceedings for leave. If APRA is joined as a party, the Court must have regard to APRA's views in deciding:
(a) whether to grant leave under paragraph (2)(a); and
(b) if the Court decides to grant the leave--whether to impose terms as mentioned in paragraph (2)(b); and
(c) if the Court decides to impose such terms--the nature of those terms.
(5) The judicial manager may apply to the Court to be joined as a party to the proceedings for leave. If the judicial manager is joined as a party, the Court must have regard to the judicial manager's views in deciding:
(a) whether to grant leave under paragraph (2)(a); and
(b) if the Court decides to grant the leave--whether to impose terms as mentioned in paragraph (2)(b); and
(c) if the Court decides to impose such terms--the nature of those terms.
(6) Subsection (1) also does not apply if the judicial manager consents to the process beginning or continuing.
(7) The judicial manager cannot revoke a consent given for the purposes of subsection (6).
(8) The judicial manager is not liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection (6).