THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.7 - WINDING UP OF BODIES OTHER THAN COMPANIES

SECTION 586   CONTRIBUTORIES IN WINDING UP OF PART 5.7 BODY  

586(1)  [Liability of contributory]  

On a Part 5.7 body being wound up, every person who:

(a)  in any case - is liable to pay or contribute to the payment of:

(i) a debt or liability of the Part 5.7 body;

(ii) any sum for the adjustment of the rights of the members among themselves; or

(iii) the costs and expenses of winding up; or

(b)  if the Part 5.7 body has been dissolved or deregistered in its place of origin - was so liable immediately before the dissolution or deregistration;

is a contributory and every contributory is liable to contribute to the property of the Part 5.7 body all sums due from the contributory in respect of any such liability.

586(2)  [Death or bankruptcy of contributory]  

On the death or bankruptcy of a contributory, the provisions of this Law with respect to the personal representatives of deceased contributories or the assignees and trustees of bankrupt contributories, as the case may be, apply.