Payment to DI fund of amounts recovered by liquidator using fund amounts
169B Payment to DI fund of amounts recovered by liquidator using fund amounts
This section applies if—
the liquidator of a licensed insurer recovers an amount owed to the insurer; and
the amount is recovered because of the payment of an amount out of the DI fund of part of a claim, judgment, order or award arising out of or in relation to a compulsory insurance policy issued by the insurer.
The liquidator must pay the amount to the DI fund, in priority to all payments in relation to debts mentioned in the Corporations Act, section 556.
However, the liquidator may deduct from the amount the reasonable expenses of or incidental to recovering the amount.
This section has effect despite any agreement to the contrary.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.