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This Act may be cited as the Crown Debts (Priority) Act 1981.
This Act shall come into operation on the day on which the Companies Act 1981 comes into operation.
Notwithstanding any prerogative right or privilege of the Crown in right of the Commonwealth, the Crown in right of the Commonwealth is subject to any provision of a law of a State or Territory:
relating to the order in which debts or liabilities of a body (whether corporate or unincorporate) are to be paid or discharged;
relating to the avoidance of preferences received by creditors of a body (whether corporate or unincorporate); or
relating to the effect on creditors or members of a body (whether corporate or unincorporate) of a compromise or arrangement between the body and another person or other persons.
Nothing in section 3, or in the Corporations Act 2001 affects the operation of former subsections 221YHJ(3), (4) and (5) or 221YHZD(3), (4) and (5) or former section 221YU of the Income Tax Assessment Act 1936 or of section 32 of the Life Insurance Policy Holders' Protection Levies Collection Act 1991.
The provisions of the Income Tax Assessment Act 1936 referred to do not apply to liabilities arising after 30 June 1993.