Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies if—
(a) ASIC cancels the licence of a trustee company (the transferring company) and makes a determination under the Corporations Act, section 601WBA that there is to be a transfer of estate assets and liabilities from the transferring company to another licensed trustee company (the receiving company); and
(b) ASIC issues a certificate of transfer under the Corporations Act, section 601WBG for the transfer; and
(c) either the transferring company or the receiving company is registered in Queensland.
(2) When the certificate of transfer comes into force, the receiving company becomes the successor in law of the transferring company in relation to estate assets and liabilities of the transferring company, to the extent of the transfer.
Note—
Under the Corporations Act, section 601WBG(2)(d), the certificate of transfer is required to state when the certificate comes into force.
(3) Without limiting subsection (2)—
(a) if the transfer is a total transfer—all the estate assets and liabilities of the transferring company, wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and
(b) if the transfer is a partial transfer—all the estate assets and liabilities included in the list mentioned in the Corporations Act, section 601WBG(2)(c), wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and
(c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company.
(4) If the certificate includes provisions of a kind mentioned in the Corporations Act, section 601WBG(3)—
(a) if the provisions state that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen, or to be the case, in accordance with those provisions; and
(b) if the provisions state a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism.