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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 8 - Pooling    View history reference

Subdivision A - Pooling determinations    View history reference

SECTION 579  DUTIES OF LIQUIDATOR  

 View history reference

579(1)  

This section applies if:


(a) the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or subsection 577(1A); and

[CCH Note: Regulation 10.25.02(3)(i) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[190] apply in relation to external administrations on and after 1 September 2017.]


(b) the liquidator or liquidators, in the exercise of that power, acted:


(i) with due care; and

(ii) in good faith; and

(iii) for the benefit of the creditors of the companies in the group, considered as a whole.

579(2)  

The liquidator or liquidators are taken not to be in breach of:


(a) any duty to a company in the group concerned (whether under section 180, 181, 182, 183 or 184 or otherwise and whether of a fiduciary nature or not); or


(b) any duty to the creditors of a company in the group concerned (whether of a fiduciary nature or not);

in connection with the exercise of that power.


 



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