62ZOT
In forceMoratorium—effect of Insurance Act statutory management on disposal of property
Part VBJudicial management, statutory management, other external administration and winding up
Division 1AStatutory management of general insurers
Subdivision BProvisions dealing with control of a body corporate’s business by an Insurance Act statutory manager
62ZOT Moratorium—effect of Insurance Act statutory management on disposal of property
(1)
A person must not dispose of property if:
(a)
the property is owned by another person; and
(b)
the other person is a body corporate; and
(c)
an Insurance Act statutory manager is in control of the body corporate’s business.
Note:
The Federal Court may grant an injunction under section 129D in respect of a contravention of this subsection.
(2)
Subsection (1) does not apply if:
(a)
APRA consents to the disposal; or
(b)
the Insurance Act statutory manager consents to the disposal.
(3)
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 (2).
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