61Insolvency of employer[[8]](#endnote-9)

61 Insolvency of employer[[8]](#endnote-9) S. 61(1) amended by No. 10191 s. 270(9). (1) Where any employer had entered into a contract with any insurers in respect of any liability under this Act to any worker then in the event of the employer becoming insolvent or bankrupt or making a composition or arrangement with his creditors or if the employer is a company in the event of the company having commenced to be wound up the rights of the employer against the insurers as respects that liability shall (notwithstanding anything in the enactments relating to insolvency and the winding up of companies) be transferred to and vest in the worker, and upon any such transfer the insurers shall have the same rights and remedies and be subject to the same liabilities as if they were the employer, but so that the insurers shall not be under any greater liability to the worker than they would have been under to the employer. (2) If the liability of the insurers to the worker is less than the liability of the employer to the worker the worker may prove for the balance in the insolvency liquidation or winding up. S. 61(3)(4) repealed by No. 6839 s. 4(1)(Sch. 1 Pt 2 item 8). (5) This section shall not apply where a company is wound up voluntarily merely for the purposes of reconstruction or of amalgamation with another company but the liability of the company so wound up shall attach to the reconstructed company or (as the case requires) to the other company with which the company so wound up is amalgamated. Pt 3 Div. 4 (Heading and s. 62) substituted as Pt 3 Div. 4 (Heading and ss 62–70) by No. 9683 s. 5. Division 4—Action brought independently of this Act No. 5601 s. 62. S. 62 amended by Nos 7292 s. 9(a)–(c), 8084 s. 4(1)(c), 8733 s. 3(5)(a) (i)–(iv)(b), 9136 s. 5(a)(i)–(iii), 9297 s. 5(2), substituted by No. 9683 s. 5.