501
In forceDistribution of property of company
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.5Voluntary winding up
Division 4Voluntary winding up generally
501 Distribution of property of company
Subject to the provisions of this Act as to preferential payments, the property of a company must, on its winding up, be applied in satisfaction of its liabilities equally and, subject to that application, must, unless the company’s constitution otherwise provides, be distributed among the members according to their rights and interests in the company.
This Act’s bill:Explanatory memorandumSecond reading speech
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