Document ID: chunk:federal_register_of_legislation:C2008A00159:clause:1_47
Version: federal_register_of_legislation:C2008A00159
Segment Type: clause
Provision Reference: sch 1 cl 47
Character Range: 58636–59330

47  Recovery of debts from standard business sponsors
If, before the day on which the Schedule commences:
 (a) a debt of a kind mentioned in section 140R or 140S of the old law exists; and
 (b) proceedings for recovery of the debt have not been brought in a court of competent jurisdiction;
then, section 140S of the new law applies:
 (c) in relation to the debt—as if the debt were an amount prescribed by the regulations under section 140H of the new law in relation to a sponsorship obligation; and
 (d) in relation to a person who is or was a standard business sponsor immediately before this Schedule commences—as if the person were an approved sponsor under section 140E of the new law.