Federal Register of Legislation - Australian Government

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Crown Debts (Priority) Act 1981

Authoritative Version
  • - C2004A02470
  • In force - Superseded Version
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Act No. 93 of 1981 as made
An Act relating to the priority of Crown debts
Administered by: Treasury
Date of Assent 18 Jun 1981

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Crown Debts (Priority) Act 1981

No. 93 of 1981

 

An Act relating to the priority of Crown debts

[Assented to 18 June 1981]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the Crown Debts (Priority) Act 1981.

Commencement

2. This Act shall come into operation on the day on which the Companies Act 1981 comes into operation.

Crown subject to State and Territory laws with respect to priority

3. Notwithstanding any prerogative right or privilege of the Crown in right of the Commonwealth, the Crown in right of the Commonwealth is subject to any provision of a law of a State or Territory—

(a) relating to the order in which debts or liabilities of a body (whether corporate or unincorporate) are to be paid or discharged;

(b) relating to the avoidance of preferences received by creditors of a body (whether corporate or unincorporate); or

(c) relating to the effect on creditors or members of a body (whether corporate or unincorporate) of a compromise or arrangement between the body and another person or other persons.

Certain rights of the Crown not affected

4. Nothing in section 3 or in the Companies Act 1981 affects the operation of section 221p or 221yu of the Income Tax Assessment Act 1936.