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 E - Miscellaneous

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History

Heading inserted by No 210 of 1992, s 102 (effective 23 June 1993).

SECTION 563C   DEBT SUBORDINATION  

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563C(1)  [Where debt subordination enforceable]  

Nothing in this Division renders a debt subordination by a creditor of a company unlawful or unenforceable, except so far as the debt subordination would disadvantage any creditor of the company who was not a party to, or otherwise concerned in, the debt subordination.

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S 563C(1) inserted by No 210 of 1992, s 102 (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

563C(2)  [``debt subordination'']  

In this section:

``debt subordination'' means an agreement or declaration by a creditor of a company, however expressed, to the effect that, in specified circumstances:

(a)  a specified debt that the company owes the creditor; or

(b)  a specified part of such a debt;

will not be repaid until other specified debts that the company owes are repaid to a specified extent.

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History

S 563C(2) inserted by No 210 of 1992, s 102 (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

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