Insurance Act 1973

No enforcement process in relation to property of a body corporate can be begun or proceeded with if an Insurance Act statutory manager is in control of the body corporate’s business.

Subsection (1) does not apply if:

the Federal Court grants leave for the process to be begun or continued on the ground that the person would be caused hardship if leave were not granted; or

the beginning or continuing of the process is in accordance with such terms (if any) as the Court imposes.

A person intending to apply for leave of the Federal Court under paragraph (2)(a) must give APRA at least 10 days notice of the intention to apply (or a shorter period, if the Court considers that exceptional circumstances make this necessary).

APRA may apply to the Federal Court to be joined as a party to the proceedings for leave. If APRA is joined as a party, the Federal Court must have regard to APRA’s views in deciding:

whether to grant leave under paragraph (2)(a); and

if the Court decides to grant the leave—whether to impose terms as mentioned in paragraph (2)(b); and

if the Court decides to impose such terms—the nature of those terms.

Subsection (1) also does not apply if:

APRA consents to the process beginning or continuing; or

the Insurance Act statutory manager consents to the process beginning or continuing.

APRA (or the Insurance Act statutory manager) cannot revoke a consent given for the purposes of subsection (5).

Neither APRA nor the Insurance Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection (5).