Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_15b
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 15B
Character Range: 83579–84374

15B  Effect on legal proceedings of ADI statutory manager taking control of an ADI's business

 (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI's business unless:
 (a) the court grants leave on the ground that the person would be caused hardship if leave were not granted; or
 (b) APRA consents to the proceedings beginning or continuing.

 (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave.

 (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI.