553B
In forceInsolvent companies—penalties and fines not generally provable
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.6Winding up generally
Division 6Proof and ranking of claims
Subdivision AAdmission to proof of debts and claims
553B Insolvent companies—penalties and fines not generally provable
(1)
Subject to subsection (2), penalties or fines imposed by a court in respect of an offence against a law are not admissible to proof against an insolvent company.
(2)
An amount payable under a pecuniary penalty order, or an interstate pecuniary penalty order, within the meaning of the Proceeds of Crime Act 1987, is admissible to proof against an insolvent company.
This Act’s bill:Explanatory memorandumSecond reading speech
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