588R
In forceCreditor may sue for compensation with liquidator’s consent
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.7BRecovering property or compensation for the benefit of creditors of insolvent company
Division 4Director liable to compensate company
Subdivision BProceedings by creditor
588R Creditor may sue for compensation with liquidator’s consent
(1)
A creditor of a company that is being wound up may, with the written consent of the company’s liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor.
(1A)
If section 588M applies in relation to a company because of subsection 588M(1A), a creditor described in that subsection may begin proceedings under that section with the written consent of the company’s liquidator.
(2)
Subsections (1) and (1A) have effect despite section 588T, but subject to section 588U.
This Act’s bill:Explanatory memorandumSecond reading speech
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