Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 3 of Part 8B.6 (for provisions relating to Division 2B ), Division 5 of Part 8B.6 (for provisions relating to Divisions 2 and 2A ) and Division 6 of Part 8B.6 (for provisions relating to Divisions 3 , 4 , 5 and 6 ).

Division 4 - Director liable to compensate company  

Subdivision B - Proceedings by creditor  

SECTION 588R   CREDITOR MAY SUE FOR COMPENSATION WITH LIQUIDATOR'S CONSENT  

588R(1)    
A creditor of a company that is being wound up may, with the written consent of the company's liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor.

588R(1A)    

If section 588M applies in relation to a company because of subsection 588M(1A) , a creditor described in that subsection may begin proceedings under that section with the written consent of the company ' s liquidator.

588R(2)    

Subsections (1) and (1A) have effect despite section 588T , but subject to section 588U .