Non‑liquid schemes—how payments are to be made
601KD Non‑liquid schemes—how payments are to be made
The responsible entity of a registered scheme that is not liquid must ensure that withdrawal requests made in response to a withdrawal offer are satisfied within 21 days after the offer closes. No request made under the withdrawal offer may be satisfied while the offer is still open. If an insufficient amount of money is available from the assets specified in the offer to satisfy all requests, the requests are to be satisfied proportionately in accordance with the formula:
Start formula Amount of money available times start fraction Amount member requested to withdraw over Total of all amounts members request to withdraw end fraction end formula
This Act’s bill:Explanatory memorandumSecond reading speech
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