Document ID: chunk:federal_register_of_legislation:C2025C00135:section:179az
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 179AZ
Character Range: 329459–330380

179AZ  Costs of statutory management
 (1) APRA's costs (including costs in the nature of remuneration and expenses) of being in control of a body corporate's business, or of having an administrator in control of a body corporate's business, are payable from the body corporate's funds and are a debt due to APRA.
 (2) Despite anything contained in any law relating to the winding‑up of companies, debts due to APRA by a body corporate under subsection (1) have priority in a winding‑up of the body corporate over all other unsecured debts.
 (3) If the body corporate is a life company, subsection (2) does not apply the extent that a debt due to APRA by the life company is referable to the business of a statutory fund of the life company.
Note: APRA may be able to recover a debt that is referable to the business of a statutory fund of the life company that is being wound up, in accordance with paragraph 187(3)(c).