554D
In forceApplication of Subdivision
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 CSpecial provisions relating to secured creditors of insolvent companies
554D Application of Subdivision
(1)
This Subdivision applies in relation to the proof of a secured debt in the winding up of an insolvent company.
(2)
For the purposes of the application of this Subdivision in relation to a secured debt of an insolvent company that is being wound up, the amount of the debt is taken to be the amount of the debt as at the relevant date (as worked out in accordance with Subdivision B).
This Act’s bill:Explanatory memorandumSecond reading speech
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