THE CORPORATIONS LAW

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 553AA   SELLING SHAREHOLDER CANNOT PROVE DEBT UNLESS DOCUMENTS GIVEN  

553AA    The selling shareholder in a share buy-back may claim in a winding up of the company but is not entitled to a distribution of money or property unless the shareholder has discharged the shareholder's obligations to give documents in connection with the buy-back. Note: The selling shareholder's claim ranks after those of non-member creditors and before those of other member creditors (see section 563AA).