Commonwealth Consolidated Acts

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Lifting the stay

  (1)   The Court may order that subsection   415D(1) does not apply for one or more rights against a body if the Court is satisfied:

  (a)   that the relevant compromise or arrangement:

  (i)   to be applied for; or

  (ii)   applied for; or

  (iii)   approved;

    under this Part   is not for the purpose of the body avoiding being wound up in insolvency; or

  (b)   that this is appropriate in the interests of justice.

  (2)   The order may also provide that the holder of those rights may choose to enforce those rights from the earlier of:

  (a)   the day any announcement referred to in paragraph   415D(1)(a) was made by the body; and

  (b)   the day any application under section   411 was made for the compromise or arrangement.

  (3)   An application for the order may be made by the holder of those rights.

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