Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 565

565. (1) A settlement, a conveyance or transfer of property, a charge on
property, a payment made, or an obligation incurred, by a company that, if it
had been made or incurred by a natural person, would, in the event of his or
her becoming a bankrupt, be void as against the trustee in the bankruptcy, is,
in the event of the company being wound up, void as against the liquidator.

(2) For the purposes of subsection (1), the date that corresponds with the
date of presentation of the petition in bankruptcy in the case of a natural
person is:

   (a)  in the case of a winding up by the Court:

        (i)    where, before the filing of the application for the winding up,
               a resolution has been passed by the company for winding up the
               company voluntarily-the date upon which the resolution to wind
               up the company voluntarily is passed;

        (ii)   where the company is under official management at the time of
               the filing of the application for the winding up or had been
               under official management at any time within the period of 6
               months before the filing of the application-the date of the
               commencement of the official management; or

        (iii)  in any other case-the date of the filing of the application for
               the winding up; and

   (b)  in the case of a voluntary winding up:

        (i)    where the company is under official management at the time when
               the resolution to wind up the company voluntarily is passed or
               had been under official management at any time within the
               period of 6 months before the passing of that resolution-the
               date of the commencement of the official management; or

        (ii)   in any other case-the date upon which the resolution to wind up
               the company voluntarily is passed.

(3) For the purposes of this section, the date that corresponds with the date
on which a person becomes a bankrupt is the date on which the winding up of
the company commences or is deemed to have commenced.

(4) Any transfer or assignment by a company of all its property to trustees
for the benefit of all its creditors is void.