Crown Debts (Priority) Act 1981 (Cth)

Crown Debts (Priority) Act 1981

Act No. 93 of 1981 as amended

This compilation was prepared on 26 September 2006 taking into account amendments up to Act No. 101 of 2006

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1] 2 Commencement [see Note 1] 3 Crown subject to State and Territory laws with respect to priority 4 Certain rights of the Crown not affected

Notes An Act relating to the priority of Crown debts

1 Short title [see Note 1]

This Act may be cited as the Crown Debts (Priority) Act 1981.

2 Commencement [see Note 1]

This Act shall come into operation on the day on which the Companies Act 1981 comes into operation.

3 Crown subject to State and Territory laws with respect to priority

Notwithstanding any prerogative right or privilege of the Crown in right of the Commonwealth, the Crown in right of the Commonwealth is subject to any provision of a law of a State or Territory: (a) relating to the order in which debts or liabilities of a body (whether corporate or unincorporate) are to be paid or discharged; (b) relating to the avoidance of preferences received by creditors of a body (whether corporate or unincorporate); or (c) relating to the effect on creditors or members of a body (whether corporate or unincorporate) of a compromise or arrangement between the body and another person or other persons.

4 Certain rights of the Crown not affected

Nothing in section 3, or in the Corporations Act 2001 affects the operation of former subsections 221YHJ(3), (4) and (5) or 221YHZD(3), (4) and (5) or former section 221YU of the Income Tax Assessment Act 1936 or of section 32 of the Life Insurance Policy Holders' Protection Levies Collection Act 1991.