Corporations Amendment (Sons of Gwalia) Act 2010 (150 of 2010)

Schedule 1   Amendment of the Corporations Act 2001

2   Section 563A

Repeal the section, substitute:

563A Postponing subordinate claims

(1) The payment of a subordinate claim against a company is to be postponed until all other debts payable by, and claims against, the company are satisfied.

(2) In this section:

claim means a claim that is admissible to proof against the company (within the meaning of section 553).

debt means a debt that is admissible to proof against the company (within the meaning of section 553).

subordinate claim means:

(a) a claim for a debt owed by the company to a person in the person's capacity as a member of the company (whether by way of dividends, profits or otherwise); or

(b) any other claim that arises from buying, holding, selling or otherwise dealing in shares in the company.