Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 3 - General powers of Court  

Subdivision A - General powers  

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 must 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.