Section 1233N — Corporations Act 2001 (Cth)

(1) The corporate director may vary a determination made under section 1233M if it is necessary to do so to ensure that the determination remains operative for the purposes of subsection 1233M(4).

(2) If, as a result of a change in circumstances, a determination has or will become inoperative, the corporate director must vary the determination as soon as is practicable.

Note: The variation may take effect retrospectively to make operative a determination that has become inoperative: see paragraph (3)(b).

(3) The variation:

(a) must be fair and reasonable in the circumstances and having regard to:

(i) the matters referred to in paragraph 1233L(1)(b); and

(ii) the time at which it starts to apply; and

(b) must specify the time at which it starts to apply, which may be earlier or later than the time at which the variation is made; and

(c) must result in the liability being wholly allocated; and

(d) must be made in writing.

Effect of variation

(4) The variation takes effect from the time at which it starts to apply.

Fault‑based offences

(5) A person commits an offence if:

(a) the person is subject to a requirement under subsection (2); and

(b) the person fails to comply with the requirement.

Related sections

• s 1233K — When property must be converted into money etc.
• s 1233L — Meaning of liabilities—sub‑fund of a CCIV
• s 1233M — When an allocation determination is required
• s 1233P — Creditor may require corporate director to provide information about allocation
• s 1233Q — Orders the Court can make in relation to assets and liabilities of sub‑funds
• s 1234 — Unallocated money and property may not be applied for any purpose

Research how courts apply s 1233N

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