34ATransfer determinations

#### 34A Transfer determinations 34A Transfer determinations > > (1) This section applies if: > > > > > (a) the Australian Securities and Investments Commission (ASIC) makes a determination under section 601WBA of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth that there is to be a transfer of estate assets and liabilities from a specified trustee company (the transferring company) to another licensed trustee company (the receiving company), and > > > > > (b) ASIC issues a certificate of transfer under section 601WBG of that Act for the transfer, and > > > > > (c) either the transferring company or the receiving company (or both) is registered in New South Wales. > > > > Note— > > > > Section 601WBA of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth enables ASIC to make a transfer determination if: > > > > > (a) ASIC has cancelled the licence of the transferring company (in which case the determination is called a compulsory transfer determination), or > > > > > (b) the transferring company has applied for such a determination (in which case the determination is called a voluntary transfer determination). > > > (2) When the certificate of transfer comes into force, the receiving company is taken to be the successor in law in relation to estate assets and liabilities of the transferring company, to the extent of the transfer. > > > > Note— > > > > Section 601WBG of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth requires the certificate of transfer to state when it is to come into force. > > > (3) Without limiting subsection (2): > > > > > (a) if the transfer is a total transfer—all of the assets and liabilities of the transferring company become assets and liabilities of the receiving company (without the need for any further conveyance, transfer, assignment or assurance), and > > > > > (b) if the transfer is a partial transfer—the assets and liabilities listed as referred to in section 601WBG (2) (c) of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth of the transferring company become assets and liabilities of the receiving company (without the need for any further conveyance, transfer, assignment or assurance), and > > > > > (c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company, and > > > > > (d) if the certificate includes provisions of the kind referred to in section 601WBG (3) of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth specifying: > > > > > > > (i) that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen, or to be the case, in accordance with those provisions, and > > > > > > > (ii) a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism. > > > (4) The operation of this section is not to be regarded as: > > > > > (a) a breach of contract or confidence or otherwise as a civil wrong, or > > > > > (b) a breach of any instrument (including, without limitation, any provision prohibiting, restricting or regulating the assignment or transfer of assets or liabilities), or > > > > > (c) an event of default under any contract or other instrument, or > > > > > (d) giving rise to any remedy by a party to a contract or other instrument, or as causing or permitting the termination of, or exercise of rights under, any contract or other instrument. > > **s 34A:** Ins 2009 No 109, Sch 1 \[11\]. Am 2011 No 8, Sch 1.9 \[1\] \[2\].