THE CORPORATIONS LAW

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

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Heading inserted by No 210 of 1992, s 92 (effective 23 June 1993).

SECTION 554C   CONVERSION INTO AUSTRALIAN CURRENCY OF FOREIGN CURRENCY DEBTS OR CLAIMS  

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554C(1)  [Claim in foreign currency]  

This section applies if the amount of a debt or claim admissible to proof against a company would, apart from this section, be an amount of foreign currency.

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S 554C(1) inserted by No 210 of 1992, s 94 (effective 23 June 1993).

CCH Note: See s 1382-1383.

554C(2)  [Pre-existing agreement]  

If the company and the creditor or claimant have, in an instrument created before the relevant date, agreed on a method to be applied for the purpose of converting the company's liability in respect of the debt or claim into Australian currency, the amount of the debt or claim that is admissible to proof is the equivalent in Australian currency of the amount of foreign currency, worked out as at the relevant date and in accordance with the agreed method.

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History

S 554C(2) inserted by No 210 of 1992, s 94 (effective 23 June 1993).

CCH Note: See s 1382-1383.

554C(3)  [Conversion rate in other cases]  

If subsection (2) does not apply, the amount of the debt or claim that is admissible to proof is the equivalent in Australian currency of the amount of foreign currency, worked out by reference to the opening carded on demand airmail buying rate in relation to the foreign currency available at the Commonwealth Bank of Australia on the relevant date.

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History

S 554C(3) inserted by No 210 of 1992, s 94 (effective 23 June 1993).

CCH Note: See s 1382-1383.

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