CORPORATIONS ACT 2001

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  

SECTION 553AB   SUPERANNUATION CONTRIBUTION DEBTS NOT ADMISSIBLE TO PROOF  

553AB(1)   Whole of superannuation contribution debt.  

In a winding up, the liquidator must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:


(a) a debt by way of superannuation guarantee charge, or by way of a liability to pay the amount of an estimate under Division 268 in Schedule 1 to the Taxation Administration Act 1953 :


(i) has been paid; or

(ii) is, or is to be, admissible to proof against the company; and


(b) the liquidator is satisfied that the superannuation guarantee charge or estimate liability is attributable to the whole of the first-mentioned debt.

553AB(2)  
If the liquidator determines, under subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.

553AB(3)   Part of superannuation contribution debt.  

In a winding up, the liquidator must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:


(a) a debt by way of superannuation guarantee charge, or by way of a liability to pay the amount of an estimate under Division 268 in Schedule 1 to the Taxation Administration Act 1953 :


(i) has been paid; or

(ii) is, or is to be, admissible to proof against the company; and


(b) the liquidator is satisfied that the superannuation guarantee charge or estimate liability is attributable to that part of the first-mentioned debt.

553AB(4)  
If the liquidator determines, under subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.

553AB(5)   Definition.  

In this section:

superannuation contribution
has the same meaning as in section 556 .


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.