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CORPORATIONS ACT 2001 - SECT 1237G Statutory demand--determining application to set aside where there is a dispute or offsetting claim

CORPORATIONS ACT 2001 - SECT 1237G

Statutory demand--determining application to set aside where there is a dispute or offsetting claim

  (1)   Paragraph   459H(1)(b) applies in relation to a debt to which a demand relates only if the CCIV has an offsetting claim that is an asset of the sub - fund of which the debt or a proportion of the debt (as the case requires) is a liability.

  (2)   Subsection   459H(2) has effect as if it required the Court to calculate a separate substantiated amount in relation to each sub - fund specified in the statutory demand.

  (3)   For the purposes of the calculation:

  (a)   the amount of the debt is to be determined having regard only to a debt or a proportion of a debt (as the case requires) that is a liability of the sub - fund; and

  (b)   the amount of an offsetting claim is to be determined having regard only to so much of an offsetting claim as is an asset of the sub - fund.

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