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 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY

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History

Pt 5.7B inserted by No 210 of 1992, s 111 (effective 23 June 1993).

CCH Note: See s 1383(7).

Division 2 - Voidable transactions

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Heading inserted by No 210 of 1992, s 111 (effective 23 June 1993).

SECTION 588FI   CREDITOR WHO GIVES UP BENEFIT OF UNFAIR PREFERENCE MAY PROVE FOR PREFERRED DEBT  

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588FI(1)  [Unfair preference]  

This section applies where:

(a)  a transaction is an unfair preference given by a company to a creditor of the company after the commencement of this Part; and

(b)  at the request of the company's liquidator, because of an order under section 588FF, or for any other reason, the creditor has put the company in the same position as if the transaction had not been entered into.

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S 588FI(1) inserted by No 210 of 1992, s 111 (effective 23 June 1993).

[ CCH Note: See s 1383(7).]

588FI(2)  [Sec 588FF]  

A court must not make under section 588FF, on an application relating to the transaction, an order prejudicing a right or interest of the creditor.

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S 588FI(2) amended by No 104 of 1994, Sch 1 (effective 16 October 1995).

[ CCH Note: See s 1400.]

S 588FI(2) inserted by No 210 of 1992, s 111 (effective 23 June 1993).

[ CCH Note: See s 1383(7).]

588FI(3)  [Creditor may prove in winding up]  

The creditor may prove in the winding up as if the transaction had not been entered into.

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History

S 588FI(3) inserted by No 210 of 1992, s 111 (effective 23 June 1993).

[ CCH Note: See s 1383(7).]

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