Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The liabilities of a sub - fund of a CCIV at a particular time are the following:
(a) liabilities of the CCIV that relate solely to the business of the sub - fund;
(b) liabilities of the CCIV not covered by paragraph (a), to the extent that it is fair and reasonable in the circumstances to allocate the liability to the sub - fund at the time having regard to the following matters:
(i) the extent to which the liability, when it arose, related to the business of the sub - fund;
(ii) the extent to which assets of the sub - fund, and assets of other sub - funds, of the CCIV have been applied to meet the liability;
(iii) the regulations (if any) made for the purposes of subsection (4).
Note: Section 1233A is about references to the liabilities of a CCIV.
Effect of an allocation determination
(2) Despite subsection (1), if:
(a) a particular proportion of a liability of a CCIV is allocated to a sub - fund of the CCIV at a time under a determination made under section 1233M (including a determination as varied under section 1233N); and
(b) the determination is operative at the time (see subsection 1233M(4));
that proportion of the liability is taken to form part of the liabilities of the sub - fund at that time.
Effect of a Court order about an arrangement or reconstruction
(3) Despite subsections (1) and (2), the liabilities of a sub - fund of a CCIV:
(a) include liabilities that, in accordance with a Court order made under section 1235F (about arrangements and reconstructions of sub - funds), are to be liabilities of the sub - fund; and
(b) do not include liabilities that, in accordance with an order made under that section, are no longer to be liabilities of the sub - fund.
Regulations
(4) The regulations may provide for and in relation to matters to be considered in determining the extent to which a liability of a CCIV forms part of the liabilities of a sub - fund of the CCIV.