122VNo claim in certain other cases

##### 122V No claim in certain other cases (1) This Division does not, by reason of a person having become insolvent on a particular day, entitle a person to make a claim in respect of property unless the first‑mentioned person was on that day a member of a participating exchange and: (a) if on that day the first‑mentioned person was carrying on (whether on his, her or its own account or in partnership) a business of dealing in securities—that business was carried on in the Territory; or (b) otherwise—the last business of dealing in securities that the first‑mentioned person carried on (whether on his, her or its own account or in partnership) before that day was carried on in the Territory. (2) This Division does not, by reason of a dealer having become insolvent on a particular day, entitle a person to make a claim in respect of property if: (a) before that day the property had, in due course of the administration of a trust, ceased to be under the sole control of the dealer; or (b) the Board, or the Court, is satisfied that circumstances that materially contributed to the dealer becoming insolvent on that day were due to, or caused directly or indirectly by, an act or omission of the person.