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 7 - Effect on certain transactions

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Heading substituted by No 210 of 1992, s 103 (effective 23 June 1993).

SECTION 565   UNDUE PREFERENCE  

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565(1)  [Certain payments etc void as preference]  

A settlement, a conveyance or transfer of property, a charge on property, a payment made, or an obligation incurred, before the commencement of Part 5.7B, by a company that, if it had been made or incurred by a natural person, would, in the event of his or her becoming a bankrupt, be void as against the trustee in the bankruptcy, is, in the event of the company being wound up, void as against the liquidator.

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S 565(1) amended by No 210 of 1992, s 104(a) (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

565(2)  [Relevant date]  

For the purposes of subsection (1), the date that corresponds with the date of presentation of the petition in bankruptcy in the case of a natural person is:

(a)  if the company was under official management at any time during the 6 months ending on the relation-back day - the day on which the official management commenced; or

(b)  otherwise - the relation-back day.

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S 565(2) amended by No 210 of 1992, s 104(b) (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

565(3)  [Date corresponding to date of bankruptcy]  

For the purposes of this section, the date that corresponds with the date on which a person becomes a bankrupt is the relation-back day.

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S 565(3) amended by No 210 of 1992, s 104(c) (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

565(4)  [Void transfers]  

Subject to Part 5.3A, a transfer or assignment by a company of all its property to trustees for the benefit of all its creditors is void.

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S 565(4) amended by No 210 of 1992, s 104(d) (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

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