Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 554A

(1)

This section applies where, in the winding up of a company, the liquidator admits a debt or claim that, as at the relevant date, did not bear a certain value.

(2)

The liquidator must:

(a)

make an estimate of the value of the debt or claim as at the relevant date; or

(b)

refer the question of the value of the debt or claim to the Court.

(3)

A person who is aggrieved by the liquidator's estimate of the value of the debt or claim may, in accordance with the regulations, appeal to the Court against the liquidator's estimate.

(4)

If:

(a)

the liquidator refers the question of the value of the debt or claim to the Court; or

(b)

a person appeals to the Court against the liquidator's estimate of the value of the debt or claim;

the Court must:

(c)

make an estimate of the value of the debt or claim as at the relevant date; or

(d)

determine a method to be applied by the liquidator in working out the value of the debt or claim as at the relevant date.

(5)

If the Court determines a method to be applied by the liquidator in working out the value of the debt or claim, the liquidator must work out the value of the debt or claim as at the relevant date in accordance with that method.

(6)

If:

(a)

the Court has determined a method to be applied by the liquidator in working out the value of the debt or claim as at the relevant date; and

(b)

a person is aggrieved by the way in which that method has been applied by the liquidator in working out that value;

the person may, in accordance with the regulations, appeal to the Court against the way in which the method was applied.

(7)

If:

(a)

a person appeals to the Court against the way in which the liquidator, in working out the value of the debt or claim, applied a method determined by the court; and

(b)

the Court is satisfied that the liquidator did not correctly apply that method;

the Court must work out the value of the debt or claim as at the relevant date in accordance with that method.

(8)

For the purposes of this Division, the amount of the debt or claim that is admissible to proof is the value as estimated or worked out under this section.