Western Australian Numbered Acts Western Australian Numbered Acts (1) The Guarantee Fund
is the only property of the Trust to be applied in satisfaction of a claim
allowed or directed to be dealt with under this Division.
(2) If the Trust is of
the opinion that the Guarantee Fund is likely to be insufficient to meet the
ascertained and contingent liabilities to which it is subject, the Trust may
do any or all of the following —
(a)
postpone all payments relating to all or any class of claims out of the
Guarantee Fund;
(b)
impose a levy under section 339;
(c) make
partial payments of the amounts of one or more allowed claims out of the
Guarantee Fund with payment of the balance being a charge on the Guarantee
Fund;
(d) make
partial payments of the amounts of 2 or more allowed claims out of the
Guarantee Fund on a pro rata basis, with payment of the balance ceasing to be
a liability of the Guarantee Fund.
(3) In deciding
whether to do any or all of the things mentioned in subsection (2) the
Trust —
(a) must
have regard to hardship where relevant information is known to the Trust; and
(b) must
endeavour to treat outstanding claims equally and equitably, but may make
special adjustments in cases of hardship.
(4) If the Trust
declares that a decision is made under subsection (2)(d) —
(a) the
balance specified in the declaration ceases to be a liability of the Guarantee
Fund; and
(b) the
Trust may (but need not) at any time revoke the declaration in relation to
either the whole or a specified part of the balance, and the balance or that
part of the balance again becomes a liability of the Guarantee Fund.
(5) A decision of the
Trust made under this section is final and not subject to appeal or review.