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).