Document ID: chunk:federal_register_of_legislation:C2011A00024:clause:1_14
Version: federal_register_of_legislation:C2011A00024
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 8649–9389

14  Subsection 601WAA(1) (definition of estate assets and liabilities)
Repeal the definition, substitute:
estate assets and liabilities, of a company, means assets (including assets in common funds) and liabilities of an estate, or incurred in relation to an estate, in relation to which the company was performing estate management functions, if the assets and liabilities were vested in or otherwise belonged to the company:
 (a) because of its performance of those functions; and
 (b) immediately before:
 (i) if ASIC has cancelled the company's licence—the cancellation; or
 (ii) otherwise—a relevant certificate of transfer comes into force.
Note: This Part does not apply to liabilities for breach of trust etc.: see section 601WBK.