THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

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Division 3 - General powers of Court

SECTION 485   CLAIMS OF CREDITORS AND DISTRIBUTION OF PROPERTY  

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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 shall 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.

 

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