Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In relation to each person who, according to the company's records, appears to be:
(a) the owner of a policy issued by the company; or
(b) interested in a policy issued by the company;
the liquidator must determine:
(c) whether the company has a policy liability to the person; and
(d) if the company has such a liability, the amount that represents the value of that policy liability.
(2) Determinations under subsection (1) are to be made in accordance with any directions of the Court.
(2A) If the company is a friendly society, the liquidator must take account of the approved benefit fund rules of the society in making determinations under subsection (1), to the extent that those rules are consistent with any directions of the Court.
(3) The liquidator must notify each person referred to in subsection (1) of the amount determined under that subsection in respect of each policy of which the person is the owner or in which the person is interested.
(4) If the liquidator determines an amount under subsection (1), then, for the purposes of the winding - up:
(a) the company is to be taken to have a liability under the relevant policy in that amount to the person to whom the determination relates; and
(b) subject to subsection (5), that person is bound by the liquidator's determination.
(5) A person who is notified of an amount under subsection (3) may dispute the amount:
(a) in accordance with the Rules of Court; or
(b) as the Court otherwise directs in the particular case.