Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.6 - EXTERNAL ADMINISTRATION AND DEREGISTRATION  

Division 5 - Winding up of sub funds  

Subdivision C - Winding up of a sub-fund in insolvency  

SECTION 1237G   STATUTORY DEMAND - DETERMINING APPLICATION TO SET ASIDE WHERE THERE IS A DISPUTE OR OFFSETTING CLAIM  

1237G(1)    
Paragraph 459H(1)(b) applies in relation to a debt to which a demand relates only if the CCIV has an offsetting claim that is an asset of the sub-fund of which the debt or a proportion of the debt (as the case requires) is a liability.

1237G(2)    
Subsection 459H(2) has effect as if it required the Court to calculate a separate substantiated amount in relation to each sub-fund specified in the statutory demand.

1237G(3)    
For the purposes of the calculation:

(a)    the amount of the debt is to be determined having regard only to a debt or a proportion of a debt (as the case requires) that is a liability of the sub-fund; and

(b)    the amount of an offsetting claim is to be determined having regard only to so much of an offsetting claim as is an asset of the sub-fund.


 

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