THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT
Division 3 - General powers of Court
SECTION 483 DELIVERY OF PROPERTY TO LIQUIDATOR 483(1) [Delivery of property] The Court may require a person who is a contributory, trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer to the liquidator or provisional liquidator, as soon as practicable or within a specified period, any money, property or books in the person's hands to which the company is prima facie entitled. 483(2) [Payment of money due from contributory] The Court may make an order directing any contributory for the time being on the list of contributories to pay to the company in the manner directed by the order any money due from the contributory or from the estate of the person whom the contributory represents, exclusive of any money payable by the contributory or the estate by virtue of any call pursuant to this Law, and may: (a) in the case of an unlimited company - allow to the contributory by way of set-off any money due to the contributory or to the estate that the contributory represents from the company on any independent dealing or contract but not any money due to the contributory as a member of the company in respect of any dividend or profit; and (b) in the case of a limited company - make to any director whose liability is unlimited or to such a director's estate the like allowance; and, in the case of any company whether limited or unlimited, when all the creditors are paid in full, any money due on any account whatever to a contributory from the company may be allowed to him, her or it by way of set-off against any subsequent call. 483(3) [Calls on contributories] The Court may, either before or after it has ascertained the sufficiency of the property of the company: (a) make calls on all or any of the contributories for the time being on the list of contributories, to the extent of their liability, for payment of any money that the Court considers necessary to satisfy the debts and liabilities of the company and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves; and (b) make an order for payment of any calls made by the Court or the company's liquidator; and, in making a call, may take into consideration the probability that some of the contributories may partly or wholly fail to pay the call.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.