Corporations Act 2001
CHAPTER 8B
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CORPORATE COLLECTIVE INVESTMENT VEHICLES
PART 8B.6
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EXTERNAL ADMINISTRATION AND DEREGISTRATION
Division 5
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Winding up of sub funds
Subdivision C
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Winding up of a sub-fund in insolvency
SECTION 1237G
STATUTORY DEMAND
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DETERMINING APPLICATION TO SET ASIDE WHERE THERE IS A DISPUTE OR OFFSETTING CLAIM
1237G(1)
Paragraph 459H(1)(b) applies in relation to a debt to which a demand relates only if the CCIV has an offsetting claim that is an asset of the sub-fund of which the debt or a proportion of the debt (as the case requires) is a liability.
1237G(2)
Subsection 459H(2) has effect as if it required the Court to calculate a separate substantiated amount in relation to each sub-fund specified in the statutory demand.
1237G(3)
For the purposes of the calculation: (a) the amount of the debt is to be determined having regard only to a debt or a proportion of a debt (as the case requires) that is a liability of the sub-fund; and (b) the amount of an offsetting claim is to be determined having regard only to so much of an offsetting claim as is an asset of the sub-fund.
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (CCIV Auditors) Instrument 2024/668.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 8B.6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Paragraph 459H(1)(b) applies in relation to a debt to which a demand relates only if the CCIV has an offsetting claim that is an asset of the sub-fund of which the debt or a proportion of the debt (as the case requires) is a liability.
1237G(2)
Subsection 459H(2) has effect as if it required the Court to calculate a separate substantiated amount in relation to each sub-fund specified in the statutory demand.
1237G(3)
For the purposes of the calculation: (a) the amount of the debt is to be determined having regard only to a debt or a proportion of a debt (as the case requires) that is a liability of the sub-fund; and (b) the amount of an offsetting claim is to be determined having regard only to so much of an offsetting claim as is an asset of the sub-fund.
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