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 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
History
Pt 5.7B inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
Division 4 - Director liable to compensate company
History
Heading inserted by No 210 of 1992, s 111 (effective 23 June
1993).
Subdivision B - Proceedings by creditor
History
Heading inserted by No 210 of 1992, s 111 (effective 23 June
1993).
SECTION 588U
EVENTS PREVENTING CREDITOR FROM SUING
588U(1)
[Creditor cannot begin proceedings]
A creditor of a company that is being wound up cannot begin proceedings under section
588M in relation to the incurring of a debt by the company if:
(a)
the company's liquidator has applied under section
588FF in relation to the debt, or in relation to a transaction under which the debt was incurred; or
(b)
the company's liquidator has begun proceedings under section
588M in relation to the incurring of the debt; or
(c)
the company's liquidator has intervened in an application for a civil penalty order against a person in relation to a contravention of subsection
588G(2) in relation to the incurring of the debt.
History
S 588U(1) amended by No 156 of 1999, Sch 3, Pt 7 (effective 13 March 2000).
S 588U(1) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
[
CCH Note:
See s 1383(7).]
588U(2)
[Application and effect]
Subsection
(1) has effect despite sections
588R and
588T.
History
S 588U(2) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
[
CCH Note:
See s 1383(7).]
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