Document ID: chunk:federal_register_of_legislation:C2011A00185:clause:1_44zzz:p2
Version: federal_register_of_legislation:C2011A00185
Segment Type: clause
Provision Reference: sch 1 cl 44ZZZ (pt 2/3)
Character Range: 16801–19331

as mentioned in paragraph (b).

Disclosure between credit provider and provider of credit service
 (3B) Section 44ZZW does not apply to the disclosure of information by a corporation to another person if:
 (a) either:
 (i) the corporation is a credit provider, and the other person provides a credit service, within the meaning of the National Consumer Credit Protection Act 2009; or
 (ii) the corporation provides a credit service, and the other person is a credit provider, within the meaning of that Act; and
 (b) the disclosure is made in the course of the relationship between the corporation and the other person in their capacities as credit provider and provider of a credit service.

Disclosure relating to acquisition of shares or assets
 (4) Section 44ZZW does not apply to the disclosure of information by a corporation in so far as the information is disclosed in connection with a contract, arrangement or understanding that provides, or a proposed contract, arrangement or understanding that would provide, for the acquisition of any shares in the capital of a body corporate, or any assets of a person, by or from the corporation.
Note: For the meaning of acquisition of shares, and acquisition of assets, see subsection 4(4).

Disclosure if borrower insolvent etc.
 (5) Section 44ZZW does not apply to the disclosure of information between 2 or more corporations (the relevant corporations) if:
 (a) at least one of the relevant corporations:
 (i) has provided a loan or credit to another corporation (the borrower); and
 (ii) has been notified of a borrower insolvency situation (see subsection (6)); and
 (b) the information relates to services, being loans or credit, supplied, or likely to be supplied, by one or more of the relevant corporations; and
 (c) the disclosure is for the purpose of one or more of the relevant corporations considering whether to take measures to return the borrower to solvency, or to avoid or reduce the risk of the borrower becoming insolvent.
 (6) For the purpose of subsection (5), a relevant corporation is notified of a borrower insolvency situation if:
 (a) the corporation is notified that there are reasonable grounds for suspecting that one or more of the following may be or become insolvent:
 (i) the borrower;
 (ii) a person who has given a guarantee or indemnity in respect of loans or credit provided to the borrower by one or more of the relevant corporations; and
 (b) the notification is given by the borrower, or by a person referred to in subparagraph (a)(ii).