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 553B
INSOLVENT COMPANIES - PENALTIES AND FINES NOT GENERALLY PROVABLE
553B(1)
[Penalties and fines not provable]
Subject to subsection
(2), penalties or fines imposed by a court in respect of an offence against a law are not admissible to proof against an insolvent company.
History
S 553B(1) inserted by No 210 of 1992, s 92 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
553B(2)
[
Proceeds of Crime Act 1987
]
An amount payable under a pecuniary penalty order, or an interstate pecuniary penalty order, within the meaning of the
Proceeds of Crime Act
1987, is admissible to proof against an insolvent company.
History
S 553B(2) inserted by No 210 of 1992, s 92 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
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