Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 1   Amendments commencing on Royal Assent

Corporations Act 2001

59   After subsection 324CH(8)

Insert:

Future debts and liabilities

(8A) In this section:

(a) a reference to a debt or amount that is owed by one entity to another entity includes a reference to a debt or amount that will (or may) be owed by the first entity to the other entity under an existing agreement between the entities; and

(b) a reference to a liability under a guarantee of a loan includes a reference to a liability that will arise under the guarantee if the loan is not repaid.