Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:3_62v
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 3 cl 62V
Character Range: 119063–119718

62V  Judicial manager being in control not ground for denying obligation

 (1) This section applies if the general insurer is party to a contract, whether the proper law of the contract is Australian law (including the law of a State or Territory) or law of a foreign country (including the law of part of a foreign country).

 (2) The vesting in the judicial manager of the management of the general insurer does not allow the contract, or any other party to the contract, to do any of the following:
 (a) deny any obligations under that contract;
 (b) accelerate any debt under that contract;
 (c) close out any transaction relating to that contract.