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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 2 - Contributories  

SECTION 529  

529  BANKRUPTCY OF CONTRIBUTORY  

If a contributory becomes an insolvent under administration, or assigns his or her estate for the benefit of his or her creditors, whether before or after being placed on the list of contributories:


(a) his or her trustee is to represent him or her for the purposes of the winding up and is to be a contributory accordingly; and


(b) calls already made, and the estimated value of his or her liability to future calls, may be proved against his or her estate.

 



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