1.1.I.100 Insolvent

Definition

For the purposes of the PPL scheme a person is insolvent if, for a natural person, the person:

  • is an insolvent under administration (within the meaning of the Corporations Act 2001), or
  • the person is a debtor in relation to a debt agreement under the Bankruptcy Act 1966 Part IX that has not ended or been terminated, and
  • for a person that is or was a body corporate:
    • the person is an externally-administered body corporate (within the meaning of the Corporations Act 2001) or an entity with a similar status under a law of a foreign country, or
    • a provisional liquidator has been appointed in relation to the person under section 472 of the Corporations Act 2001, or
    • a person with a similar status to a provisional liquidator has been appointed in relation to the person under a law of a foreign country.

Act reference: PPLAct section 6 The Dictionary

Corporations Act 2001

Bankruptcy Act 1966

Last reviewed: 8 May 2017