Home Building Act 1989

On the dissolution day, any assets, rights and liabilities of FTAC immediately before its dissolution by this Part are transferred to the Crown.

On and from the dissolution day, the following provisions have effect in relation to the transfer—

the transferred assets vest in the transferee by virtue of this clause without the need for any further conveyance, transfer, assignment or assurance,

the transferred rights and liabilities become, by virtue of this clause, the rights and liabilities of the transferee,

all proceedings relating to the transferred assets, rights or liabilities commenced before the dissolution day by or against FTAC pending immediately before the dissolution day are taken to be proceedings pending by or against the Crown,

any act, matter or thing done or omitted to be done in relation to the transferred assets, rights or liabilities before the dissolution day by, to or in respect of FTAC is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the Crown,

the Crown has all the entitlements and obligations of FTAC in relation to the transferred assets, rights and liabilities that FTAC would have had but for the dissolution of FTAC, whether or not those entitlements and obligations were actual or potential at the time the dissolution took effect.

The operation of this clause and the clause dissolving FTAC is not to be regarded as—

a breach of contract, trust or confidence or otherwise as a civil wrong, or

a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of, or exercise of rights under, any instrument, or

an event of default under any contract or other instrument.