Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 179AZ

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.

  (3)   If the body corporate is a life company, subsection   (2) does not apply the extent that a debt due to APRA by the life company is referable to the business of a statutory fund of the life company.

Note:   APRA may be able to recover a debt that is referable to the business of a statutory fund of the life company that is being wound up, in accordance with paragraph   187(3)(c).


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