Disclaimer of onerous property
62ZH Disclaimer of onerous property
Division 7A (Disclaimer of onerous property) of Part 5.6 of the Corporations Act 2001 applies in relation to the disclaimer of property of a general insurer by a judicial manager of the general insurer as if:
the general insurer were a company for the purposes of that Division; and
the judicial manager were the liquidator of the company; and
a reference in that Division to the Court were a reference to the Federal Court; and
subsection 568(10) of the Corporations Act 2001 were omitted; and
the policyholders of the general insurer were the company’s creditors for the purposes of subsections 568B(3) and 568E(5) of the Corporations Act 2001.
One effect of this is that the judicial manager of a general insurer has essentially the same powers and duties relating to the disclaimer of property as a liquidator of a company.
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