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

 View history note

 Hide history note

History

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

 View history note

 Hide history note

History

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

Subdivision B - Proceedings by creditor

 View history note

 Hide history note

History

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

SECTION 588U   EVENTS PREVENTING CREDITOR FROM SUING  

View history reference

588U(1)  [Creditor cannot begin proceedings]  

A creditor of a company that is being wound up cannot begin proceedings under section 588M in relation to the incurring of a debt by the company if:

(a)  the company's liquidator has applied under section 588FF in relation to the debt, or in relation to a transaction under which the debt was incurred; or

(b)  the company's liquidator has begun proceedings under section 588M in relation to the incurring of the debt; or

(c)  the company's liquidator has intervened in an application for a civil penalty order against a person in relation to a contravention of subsection 588G(2) in relation to the incurring of the debt.

View history reference

 View history note

 Hide history note

History

S 588U(1) amended by No 156 of 1999, Sch 3, Pt 7 (effective 13 March 2000).

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

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

588U(2)  [Application and effect]  

Subsection (1) has effect despite sections 588R and 588T.

 View history note

 Hide history note

History

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

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

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.