THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

Division 1A - Effect of winding up order

SECTION 471   EFFECT ON CREDITORS AND CONTRIBUTORIES  

471(1)  (Effect on creditors and contributories)  

An order for winding up a company operates in favour of all the creditors and contributories of the company as if it had been made on the joint application of all the creditors and contributories.

471(2)  (Omitted by No 210 of 1992, s 67 (effective 23 June 1993).)