22MWhat happens if casino operator goes into administration or liquidation?

22M What happens if casino operator goes into administration or liquidation? (1) If an administrator or liquidator is appointed under the Corporations Act for a casino operator while the appointment of a manager is in effect— (a) all managed property is taken to have vested in the manager on the day before the day on which the administrator or liquidator is appointed; and (b) the manager ceases to act as agent of the operator on that appointment. (2) If a new licence is granted for the casino after the managed property has vested in the manager under subsection (1)(a), the managed property and any property acquired by the manager in connection with the conduct of casino operations vest in the holder of the new licence. S. 22N inserted by No. 30/2023 s. 4.