7Making of insolvency event declaration

7 Making of insolvency event declaration

(1) The Minister may make an insolvency event declaration in relation to a person who is or has been a registered provider if: (a) the person is a Chapter 5 body corporate (within the meaning of the Corporations Act 2001); and (b) there is at least one outstanding accommodation payment balance of the person.

Note: A person that is a body that is incorporated under a law of a State or Territory may be a Chapter 5 body corporate within the meaning of the Corporations Act 2001.

(2) The insolvency event declaration must be in writing. (3) An insolvency event declaration is not a legislative instrument.