Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 485

485. (1) The Court may fix a day on or before which creditors are to prove
their debts or claims or after which they will be excluded from the benefit of
any distribution made before those debts are proved.

(2) The Court shall adjust the rights of the contributories among themselves
and distribute any surplus among the persons entitled to it.

(3) The Court may, in the event of the property being insufficient to satisfy
the liabilities, make an order as to the payment out of the property of the
costs, charges and expenses incurred in the winding up in such order of
priority as the Court thinks just.