Corporations Act 2001
CHAPTER 5
-
EXTERNAL ADMINISTRATION
PART 5.5
-
VOLUNTARY WINDING UP
Division 4
-
Voluntary winding up generally
SECTION 501
501
DISTRIBUTION OF PROPERTY OF COMPANY
Subject to the provisions of this Act as to preferential payments, the property of a company must, on its winding up, be applied in satisfaction of its liabilities equally and, subject to that application, must, unless the company's constitution otherwise provides, be distributed among the members according to their rights and interests in the company.
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
View history note
Hide history noteSubject to the provisions of this Act as to preferential payments, the property of a company must, on its winding up, be applied in satisfaction of its liabilities equally and, subject to that application, must, unless the company's constitution otherwise provides, be distributed among the members according to their rights and interests in the company.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.