Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 No. 3 of 1992 - SECT 32

32. (1) In spite of anything contained in any other law of the Commonwealth or
in any law of a State or a Territory:

   (a)  a grant repayment has priority over all other debts (other than
        amounts payable under section 221P or subsection 221YHJ (3) or 221YHZD
        (3) of the Income Tax Assessment Act 1936), whether preferential,
        secured or unsecured; and

   (b)  if an amount is payable by a company under a provision of the Income 
        Tax Assessment Act 1936 mentioned in paragraph (a) - a grant repayment
        payable by the company ranks equally with the amount payable under
        that provision of the Income Tax Assessment Act 1936 in priority to
        all other debts, whether preferential, secured or unsecured.

(2) Subsection (1) does not operate so as to make a grant repayment payable in
priority to any costs, charges or expenses of the judicial management or
winding-up of an eligible company that are lawfully payable out of the assets
of the company unless the Crown in right of a State or Territory or any other
creditor:

   (a)  is entitled to payment of a debt in priority to any or all of those
        costs, charges and expenses; and

   (b)  has not waived that priority.

(3) A reference in subsection (2) to the costs, charges or expenses of the
judicial management or winding-up of a company includes a reference to the
remuneration of the judicial manager or liquidator.