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 8 - Pooling  

Subdivision A - Pooling determinations  

SECTION 579   DUTIES OF LIQUIDATOR  

579(1)    
This section applies if:

(a) the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or subsection 577(1A) ; and

(b) the liquidator or liquidators, in the exercise of that power, acted:

(i) with due care; and

(ii) in good faith; and

(iii) for the benefit of the creditors of the companies in the group, considered as a whole.

579(2)    
The liquidator or liquidators are taken not to be in breach of:

(a) any duty to a company in the group concerned (whether under section 180 , 181 , 182 , 183 or 184 or otherwise and whether of a fiduciary nature or not); or

(b) any duty to the creditors of a company in the group concerned (whether of a fiduciary nature or not);

in connection with the exercise of that power.