Banking Act 1959
View history note
Hide history noteThis Subdivision applies if:
(a) a court orders the winding up of an ADI that becomes a declared ADI before, on or after the order is made; and
(b) on making the order, the court appoints a liquidator of the ADI; and
(c) an account-holder has an entitlement under Subdivision C connected with a protected account the account-holder has with the ADI; and
(d) after the operation of section 16AI of this Act, section 553C of the Corporations Act 2001 and, if relevant, section 554B of that Act, there is still a debt payable by the ADI to the account-holder, or a claim of the account-holder against the ADI, based on a right to be paid an amount by the ADI in connection with the protected account.
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