Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2AA - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision E - Account-holder's claims against ADI remaining after entitlement  

SECTION 16AQ   Liquidator may admit debt or claim without normal proof  

(1)  
The liquidator may admit the debt or claim even if it has not been proved by the account-holder in accordance with the Corporations Act 2001 and regulations made under that Act.

(2)  
However, the liquidator must act in accordance with the regulations (if any) made for the purposes of this subsection in deciding whether to admit or reject the debt or claim, and the extent to which to admit or reject the debt or claim.

Note:

This section overrides any requirements imposed on the liquidator by the Corporations Act 2001 and regulations under that Act in relation to proof of the debt or claim and a decision whether to admit or reject the debt of claim: see section 70B of this Act.




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