SOUTH-EAST QUEENSLAND WATER (DISTRIBUTION AND RETAIL RESTRUCTURING) ACT 2009 - SECT 92AU Accounting for assets and liabilities

SOUTH-EAST QUEENSLAND WATER (DISTRIBUTION AND RETAIL RESTRUCTURING) ACT 2009 - SECT 92AU

92AU Accounting for assets and liabilities

(1) The retransfer scheme must do the following—

(a) include a process to account for the following—

(i) Allconnex’s unrealised assets and liabilities;

(ii) Allconnex’s liabilities to the withdrawn councils;

(iii) the withdrawn councils’ liabilities to Allconnex;

(b) transfer Allconnex’s assets in a way that includes the process and the operation of this chapter, including, for example, section 92BH ;

(c) provide for all of Allconnex’s unrealised assets to be transferred to 1 or more of the withdrawn councils.

Note—

See also part 4 , division 2 (Default provisions).

(2) In this section—


"unrealised" includes—

(a) for an asset—the right to the benefit of, or to a benefit under, any of the following—

(i) a matter mentioned in section 77H ;

(ii) a relevant action under section 77I (3) , definition relevant action ;

(iii) an Allconnex infrastructure funding matter;

(iv) service charges under section 92BH ; and

(b) for a liability—a liability that Allconnex may have that has not been, or the amount of which has not been, ascertained, or that is contingent.

Example of a contingent liability—

a liability the existence or amount of which depends on the outcome of a proceeding