Queensland Consolidated Regulations

GOVERNMENT OWNED CORPORATIONS (GENERATOR RESTRUCTURE--CLEANCO) REGULATION 2019 - REG 6

6 Transferring liabilities

(1) This section applies to a liability of Stanwell, in existence immediately before the transfer date for a transfer schedule, to the extent the liability arose as a result of Stanwell—

(a) acquiring, owning or maintaining an interest in an asset identified, immediately before the transfer date, in the transfer schedule; or

(b) being party to an instrument identified, immediately before the transfer date, in the transfer schedule; or

(c) employing an employee identified, immediately before the transfer date, in the transfer schedule.

(2) This section also applies to a liability of Stanwell if, immediately before the transfer date for a transfer schedule, the transfer schedule identifies the liability.

(3) However, this section does not apply to a liability mentioned in subsection (1) or (2) to the extent that, immediately before the transfer date, the liability—

(a) has been discharged or otherwise satisfied; or

(b) is mentioned in an exclusion schedule.

Note—

See also section 10 .

(4) Stanwell is released from the liability, and the liability is assumed by the recipient entity for the liability, on the transfer date.

(5) Stanwell and the recipient entity must do all things necessary to enable the liability to be assumed by the recipient entity on the transfer date.

(6) For the purpose of accounting—

(a) Stanwell must treat—

(i) the assumption of the liability by the recipient entity as a contribution by an owner that is to be considered as an increase in contributed equity; and

(ii) the value of the liability as being the value of the liability as recorded in the accounts of Stanwell for the day immediately before the transfer date; and

(b) the recipient entity must treat—

(i) the assumption of the liability by the recipient entity as a distribution to an owner that is to be considered as a redemption of contributed equity; and

(ii) the value of the liability as being the value of the liability as recorded in the accounts of Stanwell for the day immediately before the transfer date.