62ZOSMoratorium—effect of Insurance Act statutory management on enforcement process regarding property

62ZOS Moratorium—effect of Insurance Act statutory management on enforcement process regarding property

(1) No enforcement process in relation to property of a body corporate can be begun or proceeded with if an Insurance Act statutory manager is in control of the body corporate’s business. (2) Subsection (1) does not apply if: (a) the Federal Court grants leave for the process to be begun or continued on the ground that the person would be caused hardship if leave were not granted; or (b) the beginning or continuing of the process is in accordance with such terms (if any) as the Court imposes. (3) A person intending to apply for leave of the Federal Court under paragraph (2)(a) must give APRA at least 10 days notice of the intention to apply (or a shorter period, if the Court considers that exceptional circumstances make this necessary). (4) APRA may apply to the Federal Court to be joined as a party to the proceedings for leave. If APRA is joined as a party, the Federal Court must have regard to APRA’s views in deciding: (a) whether to grant leave under paragraph (2)(a); and (b) if the Court decides to grant the leave—whether to impose terms as mentioned in paragraph (2)(b); and (c) if the Court decides to impose such terms—the nature of those terms. (5) Subsection (1) also does not apply if: (a) APRA consents to the process beginning or continuing; or (b) the Insurance Act statutory manager consents to the process beginning or continuing. (6) APRA (or the Insurance Act statutory manager) cannot revoke a consent given for the purposes of subsection (5). (7) Neither APRA nor the Insurance Act statutory manager is liable to an action or other proceedings for damages in respect of a refusal to give consent under subsection (5).