Document ID: chunk:federal_register_of_legislation:C2025C00185:section:415d:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 415D (pt 2/3)
Character Range: 1421687–1424349

because of a resolution or order for the body to be wound up—when the body's affairs have been fully wound up.
 (3) The Court may order a longer period than the 3 months otherwise applying under subparagraph (2)(b)(i) for the body if the Court is satisfied that the longer period is appropriate having regard to the interests of justice.

Enforcing rights after the stay for reasons relating to earlier circumstances
 (4) The right is unenforceable against the body indefinitely after the end of the stay period to the extent that a reason for seeking to enforce the right:
 (a) is the body's financial position before the end of the stay period; or
 (b) is the body having been the subject of any of the following before the end of the stay period:
 (i) an announcement referred to in paragraph (1)(a);
 (ii) an application under section 411;
 (iii) a compromise or arrangement approved under this Part as a result of an application under section 411; or
 (c) is a reason, prescribed by the regulations for the purposes of this paragraph, relating to circumstances in existence during the stay period; or
 (d) is a reason referred to in paragraph (1)(e) or (f).

Application must be made to avoid insolvency
 (5) However, subsection (1) does not apply, and is taken never to have applied, if the application under section 411 fails to state that it is being made for the purpose of the body avoiding being wound up in insolvency.

Rights not subject to the stay
 (6) Subsection (1) does not apply to the right if it is:
 (a) a right under a contract, agreement or arrangement entered into after the day the order (if any) approving under this Part a compromise or arrangement as a result of the application takes effect; or
 (b) a right contained in a kind of contract, agreement or arrangement:
 (i) prescribed by the regulations for the purposes of this subparagraph; or
 (ii) declared under paragraph (7)(a); or
 (c) a right of a kind:
 (i) prescribed by the regulations for the purposes of this subparagraph; or
 (ii) declared under paragraph (7)(b); or
 (d) a right of a kind declared under paragraph (7)(c), and the circumstances specified in that declaration exist.
Note: For paragraph (a), subsection 411(10) sets out when the order takes effect.
 (7) For the purposes of subsection (6), the Minister may, by legislative instrument:
 (a) declare kinds of contracts, agreements or arrangements referred to in a specified law of the Commonwealth; or
 (b) declare kinds of rights to which subsection (1) does not apply; or
 (c) declare kinds of rights to which subsection (1) does not apply in specified circumstances.
 (8) If the application under section