Document ID: chunk:federal_register_of_legislation:C2025C00135:section:165b
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 165B
Character Range: 258053–259428

165B  Judicial management not ground for denial of obligations
 (1) This section applies if a body corporate is party to a contract, whether the proper law of the contract is:
 (a) Australian law (including the law of a State or Territory); or
 (b) law of a foreign country (including the law of part of a foreign country).
 (2) None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:
 (a) deny any obligations under the contract;
 (b) accelerate any debt under the contract;
 (c) close out any transaction relating to the contract;
 (d) enforce any security under the contract.
 (3) The matters are as follows:
 (a) the making by the Court of an order that the body corporate, or part of the business of the body corporate, be placed under judicial management;
 (b) the commencement of the judicial management of the body corporate, or of part of the business of the body corporate;
 (c) if the body corporate is a member of a relevant group of bodies corporate:
 (i) the making by the Court of an order that another member of the group, or part of the business of another member of the group, be placed under judicial management; or
 (ii) the commencement of the judicial management of another member of the group, or part of the business of another member of the group.