Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_14f
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 14F
Character Range: 80504–81068

14F  APRA's powers to apply for ADI to be wound up

Power to apply for ADI to be wound up

 (1) APRA may apply to the Federal Court of Australia for an order that an ADI be wound up if:
 (a) an ADI statutory manager is in control of the ADI's business; and
 (b) APRA considers that the ADI is insolvent and could not be restored to solvency within a reasonable period.

 (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated.