Qantas 2010 Annual Report Download - page 96

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THE QANTAS GROUP 94
for the year ended 30 June 2010
Notes to the Financial Statements continued
Pursuant to ASIC Class Order 98/1418 (as amended), the wholly-owned controlled entities identi ed in Note 32 are relieved from the Corporations
Act requirements for preparation, audit and lodgement of Financial Reports and Directors’ Reports.
It is a condition of the Class Order that Qantas and each of the controlled entities in the Class Order enter into a Deed of Cross Guarantee (Deed).
The effect of the Deed is that Qantas guarantees to each creditor payment in full of any debt in the event of wind-up of any of the controlled entities
under certain provisions of the Corporations Act 2001 (Act). If a wind-up occurs under other provisions of the Act, Qantas will only be liable in the
event that after six months any creditor has not been paid in full. The controlled entities have also given similar guarantees in the event that Qantas
is wound up.
The Deed was  rst entered into by Qantas and the controlled entities on 4 June 2001 and subsequently additional controlled entities became party to
the Deed by way of Assumption Deeds on 17 June 2002, 26 June 2006, 29 June 2007, 30 June 2008, 29 June 2009 and 16 June 2010.
On 8 August 2008, a Revocation Deed was lodged to remove Qantas Holidays Limited from the Deed. On 29 June 2009, a Revocation Deed was
lodged to remove QH Cruises Pty Limited and Qanlease Limited from the Deed.
A Condensed Consolidated Income Statement and Consolidated Balance Sheet, comprising Qantas and controlled entities which are a party to the
Deed, after eliminating all transactions between parties to the Deed, are set out on the next page:
33. Deed of Cross Guarantee