Corporations Act 2001

This section applies if:

the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or subsection 577(1A); and

the liquidator or liquidators, in the exercise of that power, acted:

with due care; and

in good faith; and

for the benefit of the creditors of the companies in the group, considered as a whole.

The liquidator or liquidators are taken not to be in breach of:

any duty to a company in the group concerned (whether under section 180, 181, 182, 183 or 184 or otherwise and whether of a fiduciary nature or not); or

any duty to the creditors of a company in the group concerned (whether of a fiduciary nature or not);