Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 16

             (1)  APRA's costs (including costs in the nature of remuneration and expenses) of being in control of an ADI's business, or of having an administrator in control of an ADI's business, are payable from the ADI's funds and are a debt due to APRA.

             (2)  Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts.