Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may make an insolvency event declaration in relation to a person who is or has been an approved provider if:
(a) either:
(i) the person is a Chapter 5 body corporate (within the meaning of the Corporations Act 2001 ); or
(ii) a personal insolvency agreement under Part X of the Bankruptcy Act 1966 is in effect in relation to the person or the person's property ; and
(b) there is at least one outstanding accommodation payment balance of the person .
Note: A person that is a body that is incorporated under a law of a State or Territory may be a Chapter 5 body corporate within the meaning of the Corporations Act 2001 .
(2) The insolvency event declaration must be in writing.
(3) An insolvency event declaration is not a legislative instrument.