Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 6 - Proof and ranking of claims  

Subdivision D - Priorities  

SECTION 563AA   SELLER UNDER A BUY-BACK AGREEMENT  

563AA(1)   [ Seller's debt postponed to other creditors]  

The selling shareholder's claim under a buy-back agreement is postponed until all debts owed to people otherwise than as members of the company have been satisfied.

563AA(2)   [ Section 563A not applicable]  

The shareholder's claim is not a debt owed by the company to the seller in the shareholder's capacity as a member of the company for the purposes of section 563A.