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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 563A  POSTPONING SUBORDINATE CLAIMS  

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563A(1)  [Payment of subordinate claims postponed]  


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.

563A(2)  [Definitions]  


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.

[CCH Note: Act No 150 of 2010, Sch 1[4] (effective 18 December 2010) contained the following application provision:

Application provision - postponed claims

Section 563A of the Corporations Act 2001, as amended by this Schedule, applies to a claim that arises after this Schedule commences.

]

 



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