CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.6 - WINDING UP GENERALLY
Division 6 - Proof and ranking of claims
Subdivision B - Computation of debts and claims
History
Heading inserted by No 210 of 1992, s 92 (effective 23 June
1993).
SECTION 554A
DETERMINATION OF VALUE OF DEBTS AND CLAIMS OF UNCERTAIN VALUE
554A(1)
[Debt admitted with no certain value]
This section applies where, in the winding up of a company, the liquidator admits a debt or claim that, as at the relevant date, did not bear a certain value.
History
S 554A(1) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(2)
[Liquidator's duty]
The liquidator must:
(a)
make an estimate of the value of the debt or claim as at the relevant date; or
(b)
refer the question of the value of the debt or claim to the Court.
History
S 554A(2) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(3)
[Appeal against liquidator's estimate]
A person who is aggrieved by the liquidator's estimate of the value of the debt or claim may, in accordance with the regulations, appeal to the Court against the liquidator's estimate.
History
S 554A(3) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(4)
[Court to estimate value]
If:
(a)
the liquidator refers the question of the value of the debt or claim to the Court; or
(b)
a person appeals to the Court against the liquidator's estimate of the value of the debt or claim;
the Court must:
(c)
make an estimate of the value of the debt or claim as at the relevant date; or
(d)
determine a method to be applied by the liquidator in working out the value of the debt or claim as at the relevant date.
History
S 554A(4) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(5)
[Method of valuation determined by Court]
If the Court determines a method to be applied by the liquidator in working out the value of the debt or claim, the liquidator must work out the value of the debt or claim as at the relevant date in accordance with that method.
History
S 554A(5) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(6)
[Appeal against application of valuation method]
If:
(a)
the Court has determined a method to be applied by the liquidator in working out the value of the debt or claim as at the relevant date; and
(b)
a person is aggrieved by the way in which that method has been applied by the liquidator in working out that value;
the person may, in accordance with the regulations, appeal to the Court against the way in which the method was applied.
History
S 554A(6) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(7)
[Court to apply valuation method]
If:
(a)
a person appeals to the Court against the way in which the liquidator, in working out the value of the debt or claim, applied a method determined by the court; and
(b)
the Court is satisfied that the liquidator did not correctly apply that method;
the Court must work out the value of the debt or claim as at the relevant date in accordance with that method.
History
S 554A(7) inserted by No 210 of 1992, s 93 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]
554A(8)
[Amount of claim admissible to proof]
For the purposes of this Division, the amount of the debt or claim that is admissible to proof is the value as estimated or worked out under this section.
History
S 554A(8) inserted by No 210 of 1992, s 94 (effective 23 June 1993).
[
CCH Note:
See s 1382-1383.]