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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 6 - Proof and ranking of claims  

Subdivision D - Priorities  

SECTION 563  PROVISIONS RELATING TO INJURY COMPENSATION  

563(1)  [Injury compensation]  


Notwithstanding anything in section 556, paragraph 556(1)(f) does not apply in relation to the winding up of a company in any case where:


(a) the company is being wound up voluntarily merely for the purpose of reconstruction or of amalgamation with another company and the right to the injury compensation has, on the reconstruction or amalgamation, been preserved to the person entitled to it; or


(b) the company has entered into a contract with an insurer in respect of any liability for injury compensation.

563(2)  [Periodical payments]  


Where injury compensation is payable by way of periodical payments, the amount of that compensation is, for the purposes of paragraph 556(1)(f), taken to be the lump sum for which those periodical payments could, if redeemable, be redeemed under the law under which the periodical payments are made.

 



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