THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 2 - Contributories

SECTION 529   BANKRUPTCY OF CONTRIBUTORY  

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529    If a contributory becomes an insolvent under administration, or assigns his or her estate for the benefit of his or her creditors, whether before or after being placed on the list of contributories:

(a)  his or her trustee shall represent him or her for the purposes of the winding up and shall be a contributory accordingly; and

(b)  calls already made, and the estimated value of his or her liability to future calls, may be proved against his or her estate.

 

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