Document ID: chunk:federal_register_of_legislation:C2008A00140:clause:1_178
Version: federal_register_of_legislation:C2008A00140
Segment Type: clause
Provision Reference: sch 1 cl 178
Character Range: 63948–65258

178  At the end of section 12
Add:

Where all or part of a refund is clawed back as a result of insolvency or bankruptcy

 (3) If:
 (a) before the determination is made, part of a bond balance is refunded; and
 (b) in a case where the approved provider or former approved provider is a corporation:
 (i) a transaction under which the refund took place is a voidable transaction under subsection 588FE(2), (2A) or (2B) of the Corporations Act 2001; and
 (ii) the liquidator takes action, including but not limited to the making of an application under section 588FF of that Act, as a result of which the person to whom the refund was made does not retain the value of the refund, or part of the value of the refund; and
 (c) in a case where the approved provider or former approved provider is not a corporation:
 (i) a transfer of any property for the purposes of giving the refund is void under section 122 of the Bankruptcy Act 1966; and
 (ii) the trustee in bankruptcy takes action as a result of which the person to whom the refund was made does not retain the value of the refund, or part of the value of the refund;
then, for the purposes of paragraph (2)(b), to the extent that the person to whom the refund was made does not retain the value of the refund, the refund is taken not to have been made.