THE CORPORATIONS LAW

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)  [Sec 588T, 588U]  

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