Document ID: chunk:federal_register_of_legislation:C2020C00082:section:7
Version: federal_register_of_legislation:C2020C00082
Segment Type: section
Provision Reference: s 7
Character Range: 15756–16568

7  Making of insolvency event declaration
 (1) The Minister may make an insolvency event declaration in relation to a person who is or has been an approved provider if:
 (a) either:
 (i) the person is a Chapter 5 body corporate (within the meaning of the Corporations Act 2001); or
 (ii) a personal insolvency agreement under Part X of the Bankruptcy Act 1966 is in effect in relation to the person or the person's property; and
 (b) there is at least one outstanding accommodation payment balance of the person.
Note: A person that is a body that is incorporated under a law of a State or Territory may be a Chapter 5 body corporate within the meaning of the Corporations Act 2001.
 (2) The insolvency event declaration must be in writing.
 (3) An insolvency event declaration is not a legislative instrument.