Corporations Act 2001
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 3 of Part 8B.6 (for provisions relating to Division 2B ), Division 5 of Part 8B.6 (for provisions relating to Divisions 2 and 2A ) and Division 6 of Part 8B.6 (for provisions relating to Divisions 3 , 4 , 5 and 6 ).
View history note
Hide history noteThis section applies where:
(a) a transaction is an unfair preference given by a company to a creditor of the company after 23 June 1993; and
(b) at the request of the company ' s liquidator, because of an order under section 588FF or 588FGAA , or for any other reason, the creditor has put the company in the same position as if the transaction had not been entered into.
588FI(2)
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.
588FI(2A)
ASIC must not make an order under section 588FGAA that relates to the transaction and prejudices a right or interest of the creditor.
588FI(3)
The creditor may prove in the winding up as if the transaction had not been entered into.
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