Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 553

553. (1) In every winding up, subject in the case of insolvent companies to
the application in accordance with the provisions of this Act of the
Bankruptcy Act 1966, all debts payable on a contingency and all claims against
the company (present or future, certain or contingent, ascertained or sounding
only in damages) are admissible to proof against the company, a just estimate
being made so far as possible of the value of such debts or claims as are
subject to any contingency or sound only in damages or for some other reason
do not bear a certain value.

(2) Subject to sections 279 and 556, in the winding up of an insolvent company
the same rules shall prevail and be observed with regard to the respective
rights of secured and unsecured creditors and debts provable and the valuation
of annuities and future and contingent liabilities as are in force for the
time being under the Bankruptcy Act 1966, in relation to the estates of
bankrupt persons, and all persons who in any such case would be entitled to
prove for and receive dividends out of the property of the company may come in
under the winding up and make such claims against the company as they
respectively are entitled to by virtue of this section.