CORPORATIONS – winding up – application of assets – priority created by s.562A of Corporations Act 2001 (Cth) – interaction with prohibition imposed by s.116(3) of Insurance Act 1973 (Cth) – CORPORATIONS – arrangements and reconstructions – arrangement with creditors – whether scheme of arrangement may alter application of assets in existing winding up – whether particular scheme consistent with s.116(3) of Insurance Act 1973 (Cth) – whether scheme may achieve end which s.562A(7) of Corporations Act 2001 (Cth) does not allow to be achieved by agreement
Tim Castle appeared on for the Australian Securities and Investments Commission (amicus curiae).