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 5.7 - WINDING UP OF BODIES OTHER THAN COMPANIES

SECTION 586 CONTRIBUTORIES IN WINDING UP OF PART 5.7 BODY

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586(1) [Liability of contributory]

On a Part 5.7 body being wound up, every person who:

(a) in any case - is liable to pay or contribute to the payment of:

(i) a debt or liability of the Part 5.7 body;

(ii) any sum for the adjustment of the rights of the members among themselves; or

(iii) the costs and expenses of winding up; or

(b) if the Part 5.7 body has been dissolved or deregistered in its place of origin - was so liable immediately before the dissolution or deregistration;

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is a contributory and every contributory is liable to contribute to the property of the Part 5.7 body all sums due from the contributory in respect of any such liability.

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586(2) [Death or bankruptcy of contributory]

On the death or bankruptcy of a contributory, the provisions of this Law with respect to the personal representatives of deceased contributories or the assignees and trustees of bankrupt contributories, as the case may be, apply.

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