PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
Division 4 - Director liable to compensate company
Subdivision B - Proceedings by creditor
SECTION 588RCREDITOR MAY SUE FOR COMPENSATION WITH LIQUIDATOR'S CONSENT
588R(1)[Creditor needs liquidator's consent]
A creditor of a company that is being wound up may, with the written consent of the company's liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor.
588R(2)[Paramountcy and limitation]
Subsection (1) has effect despite section 588T, but subject to section 588U.