Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p116
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 116/148)
Character Range: 623222–625741

otherwise; or
 (d) the body corporate enters into a compromise or arrangement with its creditors or a class of them.
 (2) A natural person becomes insolvent at a particular time if, and only if, at that time:
 (a) a creditor's petition or a debtor's petition is presented under Division 2 or 3 of Part IV of the Bankruptcy Act 1966 against:
 (i) the person; or
 (ii) a partnership in which the person is a partner; or
 (iii) 2 or more joint debtors who include the person; or
 (b) the person's property becomes subject to control under Division 2 of Part X of the Bankruptcy Act 1966; or
 (c) the person executes a deed of assignment or deed of arrangement under Part X of the Bankruptcy Act 1966; or
 (d) the person's creditors accept a composition under Part X of the Bankruptcy Act 1966.
 (3) A reference in subregulation (2) to a Division or Part of the Bankruptcy Act 1966 includes a reference to provisions of a law of an external Territory, or a country other than Australia or an external Territory, that correspond to that Division or Part.

7.5.03  Meaning of dealer
 (1) For this Part (other than Subdivisions 4.7, 4.9 and 4.10), a person is a dealer if the person is, or has been at any time, a participant of a participating market licensee.
 (3) For Subdivisions 4.7, 4.9 and 4.10, a person is a dealer if the person is:
 (a) a participant of a participating market licensee; or
 (b) a participant of the licensed CS facility operated by ACH.

7.5.04  Meaning of excluded person
 (1) For this Part, an excluded person, in relation to a participant of a participating market licensee, or a participant of the licensed CS facility operated by ACH, means:
 (a) in any case—the participant; or
 (b) if the participant is not a body corporate:
 (i) a person who is the spouse, or who is a relative, of the participant; or
 (ii) a trustee of a trust in relation to which the participant or a person of a kind mentioned in subparagraph (i) is capable of benefiting; or
 (iii) a body corporate of which the participant is an officer; or
 (iv) a body corporate in which the participant or a person of a kind mentioned in subparagraph (i) has a controlling interest; or
 (v) a body corporate in which the participant, and a person of a kind mentioned in subparagraph (i) have a controlling interest; or
 (vi) a body corporate in which the participant and 2 or more persons of a kind mentioned in subparagraph (i) have a controlling interest; or
 (vii) a body corporate in which 2 or more persons of a kind mentioned