CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY  

Division 4 - Director liable to compensate company  

Subdivision B - Proceedings by creditor  

SECTION 588R   CREDITOR MAY SUE FOR COMPENSATION WITH LIQUIDATOR'S CONSENT  

588R(1)   [ Creditor needs liquidator's consent]  

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(2)   [ Paramountcy and limitation]  

Subsection (1) has effect despite section 588T, but subject to section 588U.


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