Superannuation contribution debts not admissible to proof
444DB Superannuation contribution debts not admissible to proof
Whole of superannuation contribution debt
A deed of company arrangement must contain a provision to the effect that the administrator of the deed must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:
a debt by way of superannuation guarantee charge:
has been paid; or
is, or is to be, admissible to proof against the company; and
the administrator of the deed is satisfied that the superannuation guarantee charge is attributable to the whole of the first‑mentioned debt.
If the administrator of a deed of company arrangement determines, under a provision covered by subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.
Part of superannuation contribution debt
A deed of company arrangement must contain a provision to the effect that the administrator of the deed must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:
a debt by way of superannuation guarantee charge:
has been paid; or
is, or is to be, admissible to proof against the company; and
the administrator of the deed is satisfied that the superannuation guarantee charge is attributable to that part of the first‑mentioned debt.
If the administrator of a deed of company arrangement determines, under a provision covered by subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.
Definition
In this section:
superannuation contribution has the same meaning as in section 556.
This Act’s bill:Explanatory memorandumSecond reading speech
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