Corporations Act 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.6
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WINDING UP GENERALLY
Division 2
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Contributories
SECTION 529
529
BANKRUPTCY OF CONTRIBUTORY
If a contributory becomes an insolvent under administration, or assigns his or her estate for the benefit of his or her creditors, whether before or after being placed on the list of contributories:
(a) his or her trustee is to represent him or her for the purposes of the winding up and is to be a contributory accordingly; and
(b) calls already made, and the estimated value of his or her liability to future calls, may be proved against his or her estate.
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 noteIf a contributory becomes an insolvent under administration, or assigns his or her estate for the benefit of his or her creditors, whether before or after being placed on the list of contributories:
(a) his or her trustee is to represent him or her for the purposes of the winding up and is to be a contributory accordingly; and
(b) calls already made, and the estimated value of his or her liability to future calls, may be proved against his or her estate.
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