and enforcement of security interests in personal property. A party may not rely on the protections A party may not rely on the protections granted granted by the PSN Act if the person by the PSN Act if the person acquired the right acquired the right or obligation from or obligation from another person with notice another person with notice that that other that that other person was at that time unable to person, pay their debts as and when they became due or the other party to the contract, was at that time unable to pay their debts and payable. as and when they became due and payable (and the person acquired the right or obligation otherwise than as a result of the operation of section 22, 35 or 36R of the Business Transfer Act). A person goes into external administration A person goes into external administration if: if: (a) they become a body corporate that is an they become a body corporate that is externally administered body corporate an externally administered body within the meaning of the Corporations corporate within the meaning of the Act; or Corporations Act; or (b) they become an individual who is an they become an individual who is an insolvent under administration; or insolvent administration; or (c) someone takes control of the person’s someone takes control of the property for the benefit of the person’s person’s property for the benefit of creditors because the person is, or is likely the person’s creditors because the to become, insolvent. person is, or is likely to become, insolvent; or an ADI statutory manager takes control of the person’s business under the Banking Act; or the person comes under judicial management under the Insurance Act; or the person, or a part of the person’s business, comes under judicial management under the Life Insurance Act. The external administrator for a person The external administrator for a person who who goes into external administration is goes into external administration is the person the person who control of the who takes control of the person’s property property, business, or the part of the under the administration. business, of the person under the administration. Certainty for application of stays on closeout rights
and enforcement of security interests in personal property. A party may not rely on the protections granted by the PSN Act if the person acquired the right or obligation from another person with notice that that other person, or the other party to the contract, was at that time unable to pay their debts as and when they became due and payable (and the person acquired the right or obligation otherwise than as a result of the operation of section 22, 35 or 36R of the Business Transfer Act). A party may not rely on the protections granted by the PSN Act if the person acquired the right or obligation from another person with notice that that other person was at that time unable to pay their debts as and when they became due and payable. A person goes into external administration if: they become a body corporate that is an externally administered body corporate within the meaning of the Corporations Act; or they become an individual who is an insolvent administration; or someone takes control of the person’s property for the benefit of the person’s creditors because the person is, or is likely to become, insolvent; or an ADI statutory manager takes control of the person’s business under the Banking Act; or the person comes under judicial management under the Insurance Act; or the person, or a part of the person’s business, comes under judicial management under the Life Insurance Act. A person goes into external administration if: (a) they become a body corporate that is an externally administered body corporate within the meaning of the Corporations Act; or (b) they become an individual who is an insolvent under administration; or (c) someone takes control of the person’s property for the benefit of the person’s creditors because the person is, or is likely to become, insolvent. The external administrator for a person who goes into external administration is the person who control of the property, business, or the part of the business, of the person under the administration. The external administrator for a person who goes into external administration is the person who takes control of the person’s property under the administration. Certainty for application of stays on closeout rights