Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Nature of acquirer

6

An acquisition that results from the exercise by a person of a power, or the appointment of a receiver, or receiver and manager, under an instrument or agreement creating or giving rise to a security interest if:

(a) both of the following apply:

(i) the person's ordinary business includes the provision of financial accommodation by any means;

(ii) the person took or acquired the security interest in the ordinary course of their business of the provision of financial accommodation by any means and on ordinary commercial terms; or

(b) all of the following apply:

(i) the person took or acquired the security interest for the benefit of another person;

(ii) the person's ordinary business, or the other person's ordinary business, includes the provision of financial accommodation by any means;

(iii) the person took or acquired the security interest in relation to financial accommodation provided by the other person in the ordinary course of their business of the provision of financial accommodation by any means and on ordinary commercial terms.

In this item, a reference to a security interest includes a reference to a negative pledge.