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 D - Priorities
History
Heading inserted by No 210 of 1992, s 94 (effective 23 June
1993).
SECTION 555
DEBTS AND CLAIMS PROVED TO RANK EQUALLY EXCEPT AS OTHERWISE PROVIDED
555
Except as otherwise provided by this Law, all debts and claims proved in a winding up rank equally and, if the property of the company is insufficient to meet them in full, they shall be paid proportionately.
History
S 555 amended by No 210 of 1992, s 95 (effective 23 June 1993).
CCH Note:
See s 1382-1383.
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