27Recovery of payments from Marlew

27 Recovery of payments from Marlew

27 Recovery of payments from Marlew

(1) Amaca is entitled to recover from Marlew as a debt the amount of any payment made by Amaca in satisfaction of any payable liability (within the meaning of the James Hardie Former Subsidiaries (Winding up and Administration) Act 2005) in respect of a Marlew asbestos claim or Marlew contribution claim.

(2) Amaca is entitled to prove as a creditor in respect of a debt arising under this section in any winding up of Marlew.

(3) Subsections (1) and (2) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to Chapter 5 of the Corporations Act.

Note—

Chapter 5 of the Corporations Act makes provision for the external administration of companies and certain other bodies.

Section 5G (11) of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.

However, section 5G (3) of the Corporations Act provides that section 5G will only apply to a provision of a law of a State or Territory enacted after the commencement of that Act if a law of the State or Territory declares the provision to be a Corporations legislation displacement provision for the purposes of that section.