Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation is made for the purposes of paragraph 500AE(3)(b) of the Act.
(2) An unfair preference of a company is not voidable despite subsection 588FE(2) of the Act, provided either subregulation (3) or (4) is satisfied.
(3) This subregulation is satisfied if:
(a) the company is subject to the simplified liquidation process; and
(b) the transaction was entered into, or an act was done for the purposes of giving effect to it, before the day that is 3 months before the relation - back day; and
(c) no creditor under the transaction is a related entity of the company.
(4) This subregulation is satisfied if:
(a) the company is subject to the simplified liquidation process; and
(b) the transaction was entered into, or an act was done for the purposes of giving effect to it:
(i) during the 3 months ending on the relation - back day; or
(ii) after that day but on or before the day when the winding up began; and
(i) the transaction results in the creditor receiving from the company no more than $30,000 in value; or
(ii) if the transaction forms part of a series of related transactions, all of the related transactions result in the creditor receiving from the company no more than $30,000 in value; and
(d) no creditor under the transaction is a related entity of the
company.