Commonwealth Consolidated Acts

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Substitution of sub-fund where statutory demand not relied on

             (1)  This section applies if:

                     (a)  a creditor applies under section 459P for a sub-fund of the CCIV to be wound up in insolvency; and

                     (b)  the application does not rely on a failure by the CCIV to comply with a statutory demand.

             (2)  The Court may by order substitute, in an application under section 459P, the sub-fund or sub-funds of the CCIV in respect of which the application is made.

             (3)  The Court may only make an order if:

                     (a)  a notice complying with subsection (5) is filed with the Court; and

                     (b)  the Court thinks it is appropriate to do so.

             (4)  After the order is made, the application has effect, and may be proceeded with, as if the substituted sub-fund or sub-funds had been the original sub-fund or sub-funds.

             (5)  A notice complies with this subsection in relation to a creditor if the notice specifies the following information for each of the creditor's debts:

                     (a)  the sub-fund or sub-funds of the CCIV of which the debt is a liability;

                     (b)  if the debt is a liability of 2 or more sub-funds of the CCIV--the amount of the debt allocated to each sub-fund.

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