152Insolvency

152 Insolvency (1) An incorporated association that is insolvent is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the **Corporations (Ancillary Provisions) Act 2001** in relation to the provisions of Part 5.7B (Recovering property or compensation for the benefit of creditors of insolvent company) of the Corporations Act subject to the following modifications— (b) the text of section 588E of the Corporations Act is modified as follows— (i) a reference to keep is to be read as reference to maintain; (ii) a reference to subsection 286(1) is to be read as a reference to section 89(1) of this Act; (iii) a reference to subsection 286(2) is to be read as a reference to section 89(2) of this Act; (c) a reference in section 588FJ(1) of the Corporations Act to a company being wound up in insolvency is to be read as an incorporated association being wound up under sections 459A and 459P of the Corporations Act as applied by section 150 of this Act; (d) section 588Z of the Corporations Act is omitted; (e) any applicable modifications referred to in section 154; (f) any other modifications (within the meaning of Part 3 of the **Corporations (Ancillary Provisions) Act 2001**) that are prescribed by the regulations. (2) To the extent Part 9.4B (Civil consequences of contravening civil penalty provisions) of the Corporations Act applies to a contravention of section 588G(2) of the Corporations Act by virtue of section 19(1)(c) of the **Corporations (Ancillary Provisions) Act 2001** the application of that Part is subject to the following modifications— (a) the modifications referred to in section 145, other than section 145(1)(i); (b) a reference to $200 000 in section 1317G(1) of the Corporations Act is to be read as a reference to $20 000; (c) a reference to ASIC is to be read as a reference to the Director of Consumer Affairs Victoria; (d) any other modifications (within the meaning of Part 3 of the **Corporations (Ancillary Provisions) Act 2001**) that are prescribed by the regulations.