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 notice is given under section 588S .
588T(2)
The creditor may begin proceedings in a court under section 588M in relation to the incurring by the company of the debt, or the making by the company of the disposition, specified in the notice if:
(a) as at the end of 3 months after the liquidator receives the notice, he or she has not consented to the creditor beginning such proceedings; and
(b) on an application made after those 3 months, the court has given leave for the proceedings to begin.
588T(3)
If:
(a) during those 3 months, the liquidator gives to the creditor a written statement of the reasons why the liquidator thinks that such proceedings should not be begun; and
(b) the creditor applies for leave under paragraph (2)(b);
then:
(c) the creditor must file the statement with the court when so applying; and
(d) in determining the application, the court is to have regard to the reasons set out in the statement.
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