Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 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:

(a)
stating that the creditor intends to begin proceedings under section 588M in relation to the incurring by the company of a specified debt that is owed to the creditor; and

(b)
asking the liquidator to give to the creditor, within 3 months after receiving the notice:

(i)
a written consent to the creditor beginning the proceedings; or
(ii)
a written statement of the reasons why the liquidator thinks that proceedings under section 588M in relation to the incurring of that debt should not be begun.


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