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 588S   CREDITOR MAY GIVE LIQUIDATOR NOTICE OF INTENTION TO SUE FOR COMPENSATION  

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588S    After the end of 6 months beginning when a company begins to be wound up, a creditor of the company may give to the company's liquidator a written notice:

(a)  stating that the creditor intends to begin proceedings under section 588M in relation to the incurring by the company of a specified debt that is owed to the creditor; and

(b)  asking the liquidator to give to the creditor, within 3 months after receiving the notice:

(i) a written consent to the creditor beginning the proceedings; or

(ii) a written statement of the reasons why the liquidator thinks that proceedings under section 588M in relation to the incurring of that debt should not be begun.

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History

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

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

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