62ZHDisclaimer of onerous property

62ZH Disclaimer of onerous property

Division 7A (Disclaimer of onerous property) of Part 5.6 of the Corporations Act 2001 applies in relation to the disclaimer of property of a general insurer by a judicial manager of the general insurer as if: (a) the general insurer were a company for the purposes of that Division; and (b) the judicial manager were the liquidator of the company; and (c) a reference in that Division to the Court were a reference to the Federal Court; and (d) subsection 568(10) of the Corporations Act 2001 were omitted; and (e) the policyholders of the general insurer were the company’s creditors for the purposes of subsections 568B(3) and 568E(5) of the Corporations Act 2001.

Note: One effect of this is that the judicial manager of a general insurer has essentially the same powers and duties relating to the disclaimer of property as a liquidator of a company.