Creditor may give liquidator notice of intention to sue for compensation
588S Creditor may give liquidator notice of intention to sue for compensation
After the end of 6 months beginning when a company begins to be wound up, a creditor of the company may give to the company’s liquidator a written notice:
stating that the creditor intends to begin proceedings under section 588M relating to:
the incurring by the company of a specified debt that is owed to the creditor; or
a specified disposition by the company of property, because of which (and the company’s insolvency) the creditor has suffered loss or damage; and
asking the liquidator to give to the creditor, within 3 months after receiving the notice:
a written consent to the creditor beginning the proceedings; or
a written statement of the reasons why the liquidator thinks that proceedings under section 588M in relation to the incurring of that debt, or the making of that disposition, should not be begun.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.