CORPORATIONS ACT 2001
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
[ CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2 apply in relation to external administrations on and after 1 September 2017.]
(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.
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.