Superannuation Industry (Supervision) Regulations 1994
If a trustee of an accumulation fund initiates winding-up proceedings in relation to the fund, priority must be given to the liabilities of the fund in accordance with this regulation.
9.45(2) [Administration and costs of proceedings]The first charge on the assets of the fund must be the liability in respect of the administration and other costs associated with the winding-up proceedings.
9.45(3) [Determination of priorities]In determining the priorities to be given to the remaining liabilities of the fund, the trustee must ensure compliance with subregulations (4) and (5).
9.45(4) [Fund solvent at winding-up date]If the fund is solvent at the winding-up date, the amount allocated to each individual member of the fund at the winding-up date must not be less than the minimum guaranteed benefit of the member.
9.45(5) [Fund technically insolvent at winding-up date]If the fund is technically insolvent at the winding-up date, an amount equal to the net realisable value of the assets at the winding-up date must be apportioned among all the members of the fund at that date so that the proportion of that amount that is apportioned to an individual member bears the same relation to the whole amount as the minimum guaranteed benefit of that member bears to the total of minimum guaranteed benefits in respect of all the members of the fund at the winding-up date.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
