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LIFE INSURANCE ACT 1995 - SECT 161A

Moratorium--effect of judicial management on enforcement process regarding property

  (1)   No enforcement process in relation to property of a life company can be begun or proceeded with if the life company is under judicial management.

  (2)   Subsection   (1) does not apply if:

  (a)   the Court grants leave for the process to be begun or continued on the ground that the person would be caused hardship if leave were not granted; or

  (b)   the beginning or continuing of the process is in accordance with such terms (if any) as the Court imposes.

  (3)   A person intending to apply for leave of the Court under paragraph   (2)(a) must give APRA and the judicial manager at least 10 days notice of the intention to apply (or a shorter period, if the Court considers that exceptional circumstances make this necessary).

  (4)   APRA may apply to the Court to be joined as a party to the proceedings for leave. If APRA is joined as a party, the Court must have regard to APRA's views in deciding:

  (a)   whether to grant leave under paragraph   (2)(a); and

  (b)   if the Court decides to grant the leave--whether to impose terms as mentioned in paragraph   (2)(b); and

  (c)   if the Court decides to impose such terms--the nature of those terms.

  (5)   The judicial manager may apply to the Court to be joined as a party to the proceedings for leave. If the judicial manager is joined as a party, the Court must have regard to the judicial manager's views in deciding:

  (a)   whether to grant leave under paragraph   (2)(a); and

  (b)   if the Court decides to grant the leave--whether to impose terms as mentioned in paragraph   (2)(b); and

  (c)   if the Court decides to impose such terms--the nature of those terms.

  (6)   Subsection   (1) also does not apply if the judicial manager consents to the process beginning or continuing.

  (7)   The judicial manager cannot revoke a consent given for the purposes of subsection   (6).

  (8)   The judicial manager is not liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection   (6).


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