Document ID: chunk:federal_register_of_legislation:C2020A00130:clause:1_454n:p2
Version: federal_register_of_legislation:C2020A00130
Segment Type: clause
Provision Reference: sch 1 cl 454N (pt 2/2)
Character Range: 46209–48370

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)(c) or (d).

Rights not subject to the stay
 (5) Subsection (1) does not apply to the right if it is:
 (a) a right under a contract, agreement or arrangement entered into after the company comes under restructuring; or
 (b) a right under a contract, agreement or arrangement entered into before 1 July 2018; or
 (c) 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 (6)(a); or
 (d) a right of a kind:
 (i) prescribed by the regulations for the purposes of this subparagraph; or
 (ii) declared under paragraph (6)(b); or
 (e) a right of a kind declared under paragraph (6)(c), and the circumstances specified in that declaration exist.
 (6) For the purposes of subsection (5), 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.
 (7) Subsection (1) does not apply to the right to the extent that:
 (a) the restructuring practitioner for the company; or
 (b) if an administrator of the company, or an administrator of a deed of company arrangement executed by the company, is appointed after the restructuring ends—the administrator; or
 (c) if a liquidator of the company is appointed after the restructuring ends—the liquidator;
has consented in writing to the enforcement of the right.

Stay on company's right to new advance of money or credit
 (8) If:
 (a) one or more rights of an entity cannot be enforced against a company for a period because of subsection (1); and
 (b) the company has a right under a contract, agreement or arrangement against the entity for a new advance of money or credit;
that right of the company cannot be enforced during the same period.