145Stay on body corporate’s right to new advance of money or credit

145 Stay on body corporate’s right to new advance of money or credit

(1) If:

(a) one or more rights of an entity (within the meaning of the Corporations Act 2001) cannot be enforced against a body corporate for a period because of subsection 143(1); and

(b) the body corporate has a right under an arrangement against the entity for a new advance of money or credit;

that right of the body corporate cannot be enforced during the same period.

(2) Subsection (1) of this section does not apply to a right of a body corporate if:

(a) the body corporate is a related body corporate of the entity mentioned in paragraph (1)(a); and

(b) exercising the right:

(i) constitutes, or constitutes part of, default management; or

(ii) constitutes recovery action; or

(iii) constitutes a funding call on the entity.