Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 2 - Dealing with clients ' money  

Subdivision C - Powers of Court  

SECTION 983E   POWER OF COURT TO MAKE ORDER RELATING TO PAYMENT OF MONEY  

983E(1)    
An order made under section 983D may include directions to a person to whom money is ordered to be paid directing that the person:

(a)    must pay the money into a separate account; or

(b)    is authorised to prepare a scheme for distributing the money to persons who claim, within 6 months after the person receives the money, to be entitled to the money and satisfy the person that they are so entitled; or

(c)    if the money received is insufficient to pay all proved claims, may, despite any rule of law or equity to the contrary, apportion the money among the claimants in proportion to their proved claims and show in the scheme how the money is so apportioned.

983E(2)    
If a person prepares a scheme for a distribution of money under subsection (1), the person must apply to the Court for approval of the scheme and for directions in respect of it.

983E(3)    
The Court may, in relation to money held in a separate account under subsection (1), give such directions as the Court thinks fit as to:

(a)    the persons to whom that money is to be paid, and in what amounts the whole or any portion of that money is to be paid; and

(b)    the payment of the balance of the money (if any) remaining in the account.