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 563
PROVISIONS RELATING TO INJURY COMPENSATION
563(1)
[Cases to which sec 556(1)(f) does not apply]
Notwithstanding anything in section
556, paragraph
556(1)(f) does not apply in relation to the winding up of a company in any case where:
(a)
the company is being wound up voluntarily merely for the purpose of reconstruction or of amalgamation with another company and the right to the injury compensation has, on the reconstruction or amalgamation, been preserved to the person entitled to it; or
(b)
the company has entered into a contract with an insurer in respect of any liability for injury compensation.
563(2)
[Periodical payments]
Where injury compensation is payable by way of periodical payments, the amount of that compensation shall, for the purposes of paragraph
556(1)(f), be taken to be the lump sum for which those periodical payments could, if redeemable, be redeemed under the law under which the periodical payments are made.