Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA's costs (including costs in the nature of remuneration and expenses) of being in control of a body corporate's business, or of having an administrator in control of a body corporate's business, are payable from the body corporate's funds and are a debt due to APRA.
(2) Despite anything contained in any law relating to the winding - up of companies, debts due to APRA by a body corporate under subsection (1) have priority in a winding - up of the body corporate over all other unsecured debts.
(3) If the body corporate is a life company, subsection (2) does not apply the extent that a debt due to APRA by the life company is referable to the business of a statutory fund of the life company.
Note: APRA may be able to recover a debt that is referable to the business of a statutory fund of the life company that is being wound up, in accordance with paragraph 187(3)(c).