Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 6 - Proof and ranking of claims  

Subdivision A - Admission to proof of debts and claims  

SECTION 553B   INSOLVENT COMPANIES - PENALTIES AND FINES NOT GENERALLY PROVABLE  

553B(1)   [ Penalties and fines not provable]  

Subject to subsection (2), penalties or fines imposed by a court in respect of an offence against a law are not admissible to proof against an insolvent company.

553B(2)   [ Proceeds of Crime Act 1987]  

An amount payable under a pecuniary penalty order, or an interstate pecuniary penalty order, within the meaning of the Proceeds of Crime Act 1987 , is admissible to proof against an insolvent company.