Corporations Act 2001
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
View history note
Hide history noteNothing in this Division renders a debt subordination by a creditor of a company unlawful or unenforceable, except so far as the debt subordination would disadvantage any creditor of the company who was not a party to, or otherwise concerned in, the debt subordination.
563C(2) [ ``debt subordination'']In this section:
debt subordination
means an agreement or declaration by a creditor of a company, however expressed, to the effect that, in specified circumstances:
(a) a specified debt that the company owes the creditor; or
(b) a specified part of such a debt;
will not be repaid until other specified debts that the company owes are repaid to a specified extent.
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