Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 165B

             (1)  This section applies if a life company is party to a contract, whether the proper law of the contract is Australian law (including the law of a State or Territory) or law of a foreign country (including the law of part of a foreign country).

             (2)  The vesting in the judicial manager of the management of the company, or of part of the business of the company, does not allow the contract, or any other party to the contract, to do any of the following:

                     (a)  deny any obligations under that contract;

                     (b)  accelerate any debt under that contract;

                     (c)  close out any transaction relating to that contract.