CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 6 - Proof and ranking of claims  

Subdivision D - Priorities  

SECTION 563A   POSTPONING SUBORDINATE CLAIMS  

563A(1)   [ Payment of subordinate claims postponed]  

The payment of a subordinate claim against a company is to be postponed until all other debts payable by, and claims against, the company are satisfied.

563A(2)   [ Definitions]  

In this section:

claim
means a claim that is admissible to proof against the company (within the meaning of section 553).

debt
means a debt that is admissible to proof against the company (within the meaning of section 553).

subordinate claim
means:


(a) a claim for a debt owed by the company to a person in the person ' s capacity as a member of the company (whether by way of dividends, profits or otherwise); or


(b) any other claim that arises from buying, holding, selling or otherwise dealing in shares in the company.


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