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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 563AA  SELLER UNDER A BUY-BACK AGREEMENT  

563AA(1)  [Seller's debt postponed to other creditors]  


The selling shareholder's claim under a buy-back agreement is postponed until all debts owed to people otherwise than as members of the company have been satisfied.

563AA(2)  [Section 563A not applicable]  


The shareholder's claim is not a debt owed by the company to the seller in the shareholder's capacity as a member of the company for the purposes of section 563A.

 



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