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 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
History
Pt 5.7B inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
Division 2 - Voidable transactions
History
Heading inserted by No 210 of 1992, s 111 (effective 23 June
1993).
SECTION 588FE
VOIDABLE TRANSACTIONS
588FE(1)
[Effect of section]
Where a company is being wound up, a transaction of the company that was entered into at or after the commencement of this Part may be voidable because of any one or more of the following subsections.
History
S 588FE(1) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
588FE(2)
[Insolvent transaction]
The transaction is voidable if:
(a)
it is an insolvent transaction of the company; and
(b)
it was entered into, or an act was done for the purpose of giving effect to it:
(i) during the 6 months ending on the relation-back day; or
(ii) after that day but on or before the day when the winding up began.
History
S 588FE(2) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
588FE(3)
[Insolvent and uncommercial transaction]
The transaction is voidable if:
(a)
it is an insolvent transaction, and also an uncommercial transaction, of the company; and
(b)
it was entered into, or an act was done for the purpose of giving effect to it, during the 2 years ending on the relation-back day.
History
S 588FE(3) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
588FE(4)
[Insolvent transaction to which related entity a party]
The transaction is voidable if:
(a)
it is an insolvent transaction of the company; and
(b)
a related entity of the company is a party to it; and
(c)
it was entered into, or an act was done for the purpose of giving effect to it, during the 4 years ending on the relation-back day.
History
S 588FE(4) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
588FE(5)
[Insolvent transaction for purpose of defeating creditors]
The transaction is voidable if:
(a)
it is an insolvent transaction of the company; and
(b)
the company became a party to the transaction for the purpose, or for purposes including the purpose, of defeating, delaying, or interfering with, the rights of any or all of its creditors on a winding up of the company; and
(c)
the transaction was entered into, or an act done was for the purpose of giving effect to the transaction, during the 10 years ending on the relation-back day.
History
S 588FE(5) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
588FE(6)
[Unfair loan]
The transaction is voidable if it is an unfair loan to the company made at any time on or before the day when the winding up began.
History
S 588FE(6) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
588FE(7)
[Act includes omission]
A reference in this section to doing an act includes a reference to making an omission.
History
S 588FE(7) inserted by No 210 of 1992, s 111 (effective 23 June 1993).
CCH Note:
See s 1383(7).
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