Commonwealth Consolidated Acts

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Liquidator may require corporate director to record debt, claim or property in allocation register

             (1)  This section applies if:

                     (a)  a debt payable by, or claim against, a CCIV (present or future, certain or contingent, ascertained or sounding only in damages) is not entered as a liability of any sub-fund of the CCIV in the allocation register of the CCIV; or

                     (b)  property of the CCIV is not entered as an asset of any sub-fund of the CCIV in the allocation register of the CCIV.

             (2)  A liquidator of a sub-fund of the CCIV may, by notice in writing given to the corporate director of the CCIV, require the corporate director to make entries in the allocation register within the period (which must be at least one business day after the notice is given) specified in the notice.

Note:          See also section 1233Q (about Court orders the liquidator can apply for).

             (3)  The notice must include sufficient information to enable the corporate director to identify the debt, claim or property.

Note 1:       Only liabilities of a sub-fund of a CCIV are provable in a winding up of the sub-fund: see section 1237W.

Note 2:       If the asset or liability has to be allocated between sub-funds, the corporate director will have to determine the allocation in order to update the records: see sections 1233J and 1233M.

             (4)  The corporate director must comply with the notice within the period specified.

             (5)  An offence based on subsection (4) is an offence of strict liability.

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