Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies if:
(a) a person (the receiver ), in the capacity of receiver, or of receiver and manager, takes possession of a company's assets for the company's debenture holders; and
(b) the company is, or has been, a liable entity.
(2) Within 14 days after taking possession of the assets, the receiver must give written notice of that fact to the Regulator.
(3) The Regulator must, as soon as practicable, notify the receiver of the amount (the notified amount ) that the Regulator considers is enough to discharge any outstanding renewable energy shortfall charge related liabilities that the company has when the notice is given.
(4) The receiver must not, without the Regulator's permission, part with any of the company's assets before receiving the Regulator's notice.
(5) However, subsection (4) does not prevent the receiver from parting with the company's assets to pay debts of the company not covered by either of the following paragraphs:
(a) the outstanding renewable energy shortfall charge related liabilities;
(b) any debts of the company which:
(i) are unsecured; and
(ii) are not required, by an Australian law, to be paid in priority to some or all of the other debts of the company.
(6) After receiving the Regulator's notice, the receiver must set aside, out of the assets available for paying amounts covered by paragraph (5)(a) or (b) (the ordinary debts ), assets with a value calculated using the formula:
where:
"amount of remaining ordinary debts" means the sum of the company's ordinary debts other than the outstanding renewable energy shortfall charge related liabilities.
(7) The receiver must, in his or her capacity as receiver, or as receiver and manager, discharge the outstanding renewable energy shortfall charge related liabilities, to the extent of the value of the assets that the receiver is required to set aside.
(8) The receiver is personally liable to discharge the liabilities, to the extent of that value, if the receiver contravenes this section.