CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.6 - WINDING UP GENERALLY
Division 6 - Proof and ranking of claims
Subdivision A - Admission to proof of debts and claims
History
Heading inserted by No 210 of 1992, s 92 (effective 23 June
1993).
SECTION 553A
MEMBER CANNOT PROVE DEBT UNLESS CONTRIBUTIONS PAID
553A
A debt owed by a company to a person in the person's capacity as a member of the company, whether by way of dividends, profits or otherwise, is not admissible to proof against the company unless the person has paid to the company or the liquidator all amounts that the person is liable to pay as a member of the company.
History
S 553A inserted by No 210 of 1992, s 92 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]