Queensland Consolidated Regulations Queensland Consolidated Regulations(1) The Code, other than part 1, part 4, division 3, part 5, divisions 4 and 5 and part 7, does not apply to the provision of credit by a firm, or by a related body corporate of the firm, to a partner of the firm, whether or not it is provided to the partner with another person.
(2) However, for a credit provider who provides credit in the course of a business of providing credit to which the Code applies to partners of a firm and to others, this section applies only to the provision of credit on terms that are more favourable to the debtor than the terms on which the credit provider provides credit to which the Code applies to persons who are not partners of the firm.
(3) For the purposes of this section--
(a) a partner of a firm includes a former partner of a firm and an employee or former employee of the firm; and
(b) a related body corporate of a firm is a body corporate that is ultimately wholly owned by all or some of the partners of the firm or by other persons on their behalf.