THE CORPORATIONS LAW
CCH Note:
Part 13 of the Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT
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Hide history noteDivision 3 - General powers of Court
SECTION 485 CLAIMS OF CREDITORS AND DISTRIBUTION OF PROPERTY 485(1) [Day for proof of debts] The Court may fix a day on or before which creditors are to prove their debts or claims or after which they will be excluded from the benefit of any distribution made before those debts are proved. 485(2) [Rights of contributories inter se] The Court shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled to it. 485(3) [Priority of costs of winding up] The Court may, in the event of the property being insufficient to satisfy the liabilities, make an order as to the payment out of the property of the costs, charges and expenses incurred in the winding up in such order of priority as the Court thinks just.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.