sec.16Working out a licensee’s liabilities

### sec.16 Working out a licensee’s liabilities A licensee’s liabilities include— an amount owing by the licensee to a related entity; and the amount of a deficiency in trust assets of a trust for which the licensee is a trustee; and the full amount of a loan for which the licensee is in default if the lender has not waived its rights in relation to the default. The trust assets of a trust mentioned in subsection (1) (b) must be worked out under this division as if— a reference to net tangible assets were a reference to trust assets; and a reference to a licensee were a reference to the trustee of the trust. s 16 amd 2019 SL No. 100 s 5 (sec.16-ssec.1) A licensee’s liabilities include— an amount owing by the licensee to a related entity; and the amount of a deficiency in trust assets of a trust for which the licensee is a trustee; and the full amount of a loan for which the licensee is in default if the lender has not waived its rights in relation to the default. (sec.16-ssec.2) The trust assets of a trust mentioned in subsection (1) (b) must be worked out under this division as if— a reference to net tangible assets were a reference to trust assets; and a reference to a licensee were a reference to the trustee of the trust. - (a) an amount owing by the licensee to a related entity; and - (b) the amount of a deficiency in trust assets of a trust for which the licensee is a trustee; and - (c) the full amount of a loan for which the licensee is in default if the lender has not waived its rights in relation to the default. - (a) a reference to net tangible assets were a reference to trust assets; and - (b) a reference to a licensee were a reference to the trustee of the trust.