Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 8 - Pooling  

Subdivision C - Other provisions  

SECTION 579Q   ELIGIBLE UNSECURED CREDITOR  

579Q(1)    
Subject to subsection (2), for the purposes of the application of this Division to a group of 2 or more companies, a creditor of a company in the group is an eligible unsecured creditor of that company if:

(a) both:

(i) the creditor ' s debt or claim is unsecured; and

(ii) the creditor is not a company in the group; or

(b) the creditor is specified in the regulations.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .

579Q(2)    
The regulations may provide that, for the purposes of the application of this Division to a group of 2 or more companies, a specified creditor of a company in the group is not an eligible unsecured creditor of that company.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .