Insurance Act 1973

This section applies if a body corporate is party to a contract, whether the proper law of the contract is:

Australian law (including the law of a State or Territory); or

law of a foreign country (including the law of part of a foreign country).

None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:

deny any obligations under the contract;

accelerate any debt under the contract;

close out any transaction relating to the contract;

enforce any security under the contract.

The matters are as follows:

the body corporate being subject to a recapitalisation direction;

if the body corporate is a member of a relevant group of bodies corporate—another member of the group being subject to a recapitalisation direction.