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

CCH Note: See s 1383(7).

Division 4 - Director liable to compensate company

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

Subdivision B - Proceedings by creditor

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

SECTION 588R   CREDITOR MAY SUE FOR COMPENSATION WITH LIQUIDATOR'S CONSENT  

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588R(1)  [Creditor needs liquidator's consent]  

A creditor of a company that is being wound up may, with the written consent of the company's liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor.

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

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

588R(2)  [Sec 588T, 588U]  

Subsection (1) has effect despite section 588T, but subject to section 588U.

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

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

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