77Liquidator’s obligation

#### 77 Liquidator’s obligation (1) This Subdivision applies to a person who becomes a liquidator of a company that is, or has been, a liable entity. (2) Within 14 days after becoming liquidator, the liquidator must give written notice of that fact to the Regulator. (3) The Regulator must, as soon as practicable, notify the liquidator of the amount (the notified amount) that the Regulator considers is enough to discharge any outstanding renewable energy shortfall charge related liabilities that the company has when the notice is given. (4) The liquidator must not, without the Regulator’s permission, part with any of the company’s assets before receiving the Regulator’s notice. (5) However, subsection (4) does not prevent the liquidator from parting with the company’s assets to pay debts of the company not covered by either of the following paragraphs: (a) the outstanding renewable energy shortfall charge related liabilities; (b) any debts of the company which: (i) are unsecured; and (ii) are not required, by an Australian law, to be paid in priority to some or all of the other debts of the company. (6) After receiving the Regulator’s notice, the liquidator must set aside, out of the assets available for paying amounts covered by paragraph (5)(a) or (b) (the ordinary debts), assets with a value calculated using the formula:  where: > amount of remaining ordinary debts means the sum of the company’s ordinary debts other than the outstanding renewable energy shortfall charge related liabilities. (7) The liquidator must, in his or her capacity as liquidator, discharge the outstanding renewable energy shortfall charge related liabilities, to the extent of the value of the assets that the liquidator is required to set aside. (8) The liquidator is personally liable to discharge the liabilities, to the extent of that value, if the liquidator contravenes this section.