Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 1   Improving outcomes for creditors

Part 1   Enhancing protection of employee entitlements

Corporations Act 2001

5   After section 553AA

Insert:

553AB Superannuation contribution debts not admissible to proof

Whole of superannuation contribution debt

(1) In a winding up, the liquidator must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:

(a) a debt by way of superannuation guarantee charge:

(i) has been paid; or

(ii) is, or is to be, admissible to proof against the company; and

(b) the liquidator is satisfied that the superannuation guarantee charge is attributable to the whole of the first-mentioned debt.

(2) If the liquidator determines, under subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.

Part of superannuation contribution debt

(3) In a winding up, the liquidator must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:

(a) a debt by way of superannuation guarantee charge:

(i) has been paid; or

(ii) is, or is to be, admissible to proof against the company; and

(b) the liquidator is satisfied that the superannuation guarantee charge is attributable to that part of the first-mentioned debt.

(4) If the liquidator determines, under subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.

Definition

(5) In this section:

superannuation contribution has the same meaning as in section 556.