Northern Territory Consolidated Acts Northern Territory Consolidated Acts29. Suspension of licences
(1) [Omitted]
(2) If a licence is suspended under this Act, the Commissioner shall cause a notice to be published in a newspaper circulating in the area where the agent carried on business in the Northern Territory fixing a date by which time any person having a claim against the trust account of the agent whose licence has been suspended shall lodge a claim form with the Commissioner.
(3) Any person who fails to claim within the time specified in the advertisement published under subsection (2) shall not be entitled to share in the distribution of moneys payable from the trust account unless the Commissioner otherwise directs.
(4) The Commissioner or some other person appointed by the Minister shall admit or reject proof of claims made against moneys in the trust account and no action shall lie against the Commissioner or a person so appointed for any decision made in good faith in relation to such claims.
(5) If the moneys standing to the credit of the trust account are insufficient to satisfy the amount of all admitted claims the Commissioner shall make pro rata payments forthwith to the claimants and shall by notice in writing demand from the agent payment of the balance required to meet admitted claims.
(6) Where the agent is unable to meet payment of those claims within 28 days of service of a notice under subsection (5) the Commissioner may call up the bond and any security lodged in support of the bond.
(7) The cost of administering the trust account in accordance with this section shall be a debt due by the agent and shall be recoverable in a court of competent jurisdiction.