Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 11EA

  (1)   APRA may apply to the Federal Court of Australia for an order that a foreign ADI be wound up if APRA considers that any of the following requirements are satisfied:

  (a)   the foreign ADI is unable to meet its liabilities in Australia, or in one or more foreign countries, as and when they become due and payable;

  (b)   an application for the appointment of an external administrator of the foreign ADI, or for a similar procedure in respect of the foreign ADI, has been made in a foreign country;

  (c)   an external administrator has been appointed to the foreign ADI, or a similar appointment has been made in respect of the foreign ADI, in a foreign country.

  (2)   To avoid doubt, subsection   (1) applies whether or not an ADI statutory manager is in control of the Australian business assets and liabilities of the foreign ADI.

  (3)   The winding up of the foreign ADI is to be conducted in accordance with the Corporations Act 2001 .

Note:   See Part   5.7 of the Corporations Act 2001 .

  (4)   If APRA makes an application under subsection   (1), APRA must inform the Minister of the application as soon as possible.