Commonwealth legislation

Ministerial Determination Trustee Company Transfer of Estate Assets and Liabilities Ch 5D Corporations Act 2001

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

The Minister has declared that ministerial consent is no longer required for voluntary transfers of trustee company estate assets and liabilities under Chapter 5D when transfers are intra‑group or at arm’s length. That affects trustee companies, ASIC (which still makes transfer determinations), and estate stakeholders. The change speeds up such transfers and cuts a compliance step, shifting gatekeeping from the Minister to ASIC and reducing delay but also one layer of public oversight.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Ministerial Determination Trustee Company Transfer of Estate Assets and Liabilities Ch 5D Corporations Act 2001.

Ministerial Determination Trustee Company Transfer of Estate Assets and Liabilities Ch 5D Corporations Act 2001

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

6 August 2012

Mr Greg Medcraft

Chairman Australian Securities and Investments Commission GPO Box 9827 SYDNEY NSW 2001

Dear Mr Medcraft

I write in reference to trustee companies and their voluntary transfer of estate assets and liabilities under Chapter 5D of the Corporations Act 2001.

I note that for ASIC to make a transfer determination for the transfer of trustee company estate assets and liabilities, Ministerial consent is required for the transfer, unless it has determined that consent is not required.

Accordingly, I have decided that my consent is not required for all voluntary transfers of estate assets and liabilities between companies within the same corporate group (an intra-group transfer) and voluntary transfers between unrelated companies (an arm’s length transfer).

Yours sincerely

BILL SHORTEN

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.