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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History

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

SECTION 566   EFFECT OF FLOATING CHARGE  

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566    A floating charge on the undertaking or property of the company created before the commencement of Part 5.7B and within 6 months before the relation-back day is, unless it is proved that the company immediately after the creation of the charge was solvent, invalid except to the amount of any moneys paid to the company at the time of or subsequently to the creation of and in consideration for the charge together with interest on that amount at the rate of 8% per annum or at such other rate as is prescribed.

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History

S 566 amended by No 210 of 1992, s 105 (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

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