Corporations Act 2001
View history note
Hide history noteThe liabilities of a sub-fund of a CCIV at a particular time are the following: (a) liabilities of the CCIV that relate solely to the business of the sub-fund; (b) liabilities of the CCIV not covered by paragraph (a) , to the extent that it is fair and reasonable in the circumstances to allocate the liability to the sub-fund at the time having regard to the following matters:
(i) the extent to which the liability, when it arose, related to the business of the sub-fund;
(ii) the extent to which assets of the sub-fund, and assets of other sub-funds, of the CCIV have been applied to meet the liability;
(iii) the regulations (if any) made for the purposes of subsection (4) .
Note: Section 1233A is about references to the liabilities of a CCIV.
Effect of an allocation determination
1233L(2)
Despite subsection (1) , if: (a) a particular proportion of a liability of a CCIV is allocated to a sub-fund of the CCIV at a time under a determination made under section 1233M (including a determination as varied under section 1233N ); and (b) the determination is operative at the time (see subsection 1233M(4) );
that proportion of the liability is taken to form part of the liabilities of the sub-fund at that time.
Effect of a Court order about an arrangement or reconstruction
1233L(3)
Despite subsections (1) and (2) , the liabilities of a sub-fund of a CCIV: (a) include liabilities that, in accordance with a Court order made under section 1235F (about arrangements and reconstructions of sub-funds), are to be liabilities of the sub-fund; and (b) do not include liabilities that, in accordance with an order made under that section, are no longer to be liabilities of the sub-fund.
Regulations
1233L(4)
The regulations may provide for and in relation to matters to be considered in determining the extent to which a liability of a CCIV forms part of the liabilities of a sub-fund of the CCIV.
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