Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 16AP

    This Subdivision applies if:

  (a)   a court orders the winding up of an ADI that becomes a declared ADI before, on or after the order is made; and

  (b)   on making the order, the court appoints a liquidator of the ADI; and

  (c)   an account - holder has an entitlement under Subdivision C connected with a protected account the account - holder has with the ADI; and

  (d)   after the operation of section   16AI of this Act, section   553C of the Corporations Act 2001 and, if relevant, section   554B of that Act, there is still a debt payable by the ADI to the account - holder, or a claim of the account - holder against the ADI, based on a right to be paid an amount by the ADI in connection with the protected account.