157Application for order for judicial management

#### 157 Application for order for judicial management (1) APRA may apply to the Court for an order that a life company, or part of the business of a life company, be placed under judicial management. (2) Subject to subsection (3), a life company may apply to the Court for an order that the company, or part of the business of the company, be placed under judicial management. (3) A life company may only apply if it has given APRA at least one month’s notice in writing of its intention to apply. (4) On an application by APRA, the life company is entitled to be heard. (5) On an application by the life company, APRA is entitled to be heard.