Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies to an agent whose principal:
(a) is not an Australian resident; and
(b) has instructed the agent to wind up so much of the principal's business as is carried on in Australia; and
(c) is, or has been, a liable entity.
(2) Within 14 days after receiving the instructions, the agent must give written notice of that fact to the Regulator.
(3) The Regulator must, as soon as practicable after receiving the notice, notify the agent of the amount (the notified amount ) that the Regulator considers is enough to discharge any outstanding renewable energy shortfall charge related liabilities that the principal has when the notice is given.
(4) Before receiving the Regulator's notice, the agent must not, without the Regulator's permission, part with any of the principal's assets that are available for discharging the outstanding renewable energy shortfall charge related liabilities.
(5) After receiving the notice, the agent must set aside:
(a) out of the assets available for discharging the outstanding renewable energy shortfall charge related liabilities, assets to the value of the notified amount; or
(b) all of the assets so available, if their value is less than the notified amount.
(6) The agent must, in that capacity, discharge the outstanding renewable energy shortfall charge related liabilities, to the extent of the value of the assets that the agent is required to set aside.
(7) The agent is personally liable to discharge the liabilities, to the extent of that value, if the agent contravenes this section.