CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.6 - WINDING UP GENERALLY
Division 7A - Disclaimer of onerous property
History
Heading inserted by No 210 of 1992, s 107 (effective 23 June 1993).
(
CCH Note:
See s 1382-1383.)
SECTION 568D
EFFECT OF DISCLAIMER
568D(1)
[Effective disclaimer terminates company's rights]
A disclaimer is taken to have terminated, as from the day on which it is taken because of subsection
568C(3) to take effect, the company's rights, interests, liabilities and property in or in respect of the disclaimer property, but does not affect any other person's rights or liabilities except so far as necessary in order to release the company and its property from liability.
History
S 568D(1) amended by No 210 of 1992, s 109 (effective 23 June 1993).
CCH Note:
See s 1382-1383.
568D(2)
[Person aggrieved by disclaimer]
A person aggrieved by the operation of a disclaimer is taken to be a creditor of the company to the extent of any loss suffered by the person because of the disclaimer and may prove such a loss as a debt in the winding up.
History
S 568D(2) amended by No 210 of 1992, s 109 (effective 23 June 1993).
CCH Note:
See s 1382-1383.
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