29Funds to be paid into special accounts

#### 29 Funds to be paid into special accounts 29 Funds to be paid into special accounts > > (1) As soon as is reasonably practicable after the commencement of the winding up period for a liable entity, the entity must establish the following accounts (which are to be located within the territorial limits of the State) in one or more authorised deposit-taking institutions— > > > > > (a) an account to be known as the “asset realisation account”, > > > > > (b) an account to be known as the “insurance proceeds account”, > > > > > (c) an account to be known as the “SPF account”, > > > > > (d) an account to be known as the “general account”. > > > (2) The following is to be paid into the asset realisation account— > > > > > (a) all money received from the sale or other realisation of any asset (other than a policy of insurance) of the entity that existed immediately before the day on which the winding up period for the liable entity commenced, > > > > > (b) all interest received in respect of investment of money in the account, > > > > > (c) all money directed to be paid into the account by or under this or any other Act. > > > (3) The following is to be paid into the insurance proceeds account— > > > > > (a) all money received from an insurer of the entity in respect of insurance policies entered into before the day on which the winding up period for the liable entity commenced (whether by reason of recovery of amounts payable under insurance policies or the commutation of the proceeds of such policies) less any expenses of or incidental to getting in that money, > > > > > (b) all interest received in respect of investment of money in the account, > > > > > (c) all money directed to be paid into the account by or under this or any other Act. > > > (4) The following is to be paid into the SPF account— > > > > > (a) all money received or contributed by the SPF trustee from the SPF, > > > > > (b) all interest received in respect of investment of money in the account, > > > > > (c) all money directed to be paid into the account by or under this or any other Act. > > > (5) The following is to be paid into the general account— > > > > > (a) all money received by or on account of the entity (other than money that is required by this section to be paid into the asset realisation account, insurance proceeds account or SPF account), > > > > > (b) all interest received in respect of investment of money in the account, > > > > > (c) all money directed to be paid into the account by or under this or any other Act. > > > (6) The SPF trustee may, by order served on a liable entity, direct that money received by the entity from another liable entity under a pooling arrangement referred to in section 24 (2) (a) be paid into an account established under this section. > > > (7) A liable entity is authorised and required to comply with any direction given to it in an order made under subsection (6) that is served on it. > > > (8) Money held in an account required to be established by a liable entity under this section may be applied only for the payment of the payable liabilities of the entity of a kind, and in a manner, that is required, authorised or permitted by or under this Act. > > **s 29:** Am 2009 No 116, Sch 1 \[8\].