Corporations Act 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.7B
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RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
Division 4
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Director liable to compensate company
Subdivision B
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Proceedings by creditor
SECTION 588R
CREDITOR MAY SUE FOR COMPENSATION WITH LIQUIDATOR'S CONSENT
588R(1)
A creditor of a company that is being wound up may, with the written consent of the company's liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor. 588R(1A)
If section 588M applies in relation to a company because of subsection 588M(1A) , a creditor described in that subsection may begin proceedings under that section with the written consent of the company ' s liquidator.
588R(2)
Subsections (1) and (1A) have effect despite section 588T , but subject to section 588U .
A creditor of a company that is being wound up may, with the written consent of the company's liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor. 588R(1A)
If section 588M applies in relation to a company because of subsection 588M(1A) , a creditor described in that subsection may begin proceedings under that section with the written consent of the company ' s liquidator.
View history note
Hide history noteSubsections (1) and (1A) have effect despite section 588T , but subject to section 588U .
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