Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 478

478. (1) As soon as practicable after a winding up order is made, the
liquidator:

   (a)  shall settle a list of contributories;

   (b)  may rectify the register of members where rectification is required
        under this Part; and

   (c)  shall cause the property of the company to be collected and applied in
        discharge of its liabilities.

(2) Notwithstanding the provisions of subsection (l), where it appears to the
liquidator that it will not be necessary to make calls on or adjust the rights
of contributories, the liquidator may dispense with the settlement of a list
of contributories.

(3) In settling the list of contributories the liquidator shall distinguish
between persons who are contributories in their own right and persons who are
contributories by virtue of representing, or being liable for the debts of,
other persons.

(4) The list of contributories, when settled in accordance with the
regulations, is prima facie evidence of the liabilities of the persons named
in the list as contributories.