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CORPORATIONS ACT 2001 - SECT 1237G

Statutory demand--determining application to set aside where there is a dispute or offsetting claim

             (1)  Paragraph 459H(1)(b) applies in relation to a debt to which a demand relates only if the CCIV has an offsetting claim that is an asset of the sub-fund of which the debt or a proportion of the debt (as the case requires) is a liability.

             (2)  Subsection 459H(2) has effect as if it required the Court to calculate a separate substantiated amount in relation to each sub-fund specified in the statutory demand.

             (3)  For the purposes of the calculation:

                     (a)  the amount of the debt is to be determined having regard only to a debt or a proportion of a debt (as the case requires) that is a liability of the sub-fund; and

                     (b)  the amount of an offsetting claim is to be determined having regard only to so much of an offsetting claim as is an asset of the sub-fund.



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