Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:1_13n
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 1 cl 13N
Character Range: 57996–58941

13N  Recapitalisation direction not grounds for denial of obligations
 (1) This section applies if a body corporate is party to a contract, whether the proper law of the contract is:
 (a) Australian law (including the law of a State or Territory); or
 (b) law of a foreign country (including the law of part of a foreign country).
 (2) None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:
 (a) deny any obligation under the contract;
 (b) accelerate any debt under the contract;
 (c) close out any transaction relating to the contract;
 (d) enforce any security under the contract.
 (3) The matters are as follows:
 (a) the body corporate being subject to a recapitalisation direction;
 (b) if the body corporate is a member of a relevant group of bodies corporate—another member of the group being subject to a recapitalisation direction.