Insurance Act 1973

APRA may apply to the Federal Court for an order that a designated security trust fund be placed under judicial trusteeship.

A party to the trust deed of a designated security trust fund may apply to the Federal Court for an order that the fund be placed under judicial trusteeship.

A person is not entitled to make an application under subsection (2) unless:

the person has given APRA at least one month’s notice in writing of the person’s intention to apply; or

the Federal Court grants leave to make the application.

On an application by APRA:

Lloyd’s; and

a party to the fund’s trust deed;

On an application by a party to the fund’s trust deed:

APRA; and

any other party to the trust deed;