Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 563C
Debt subordination
- (1)
- Nothing in this Division renders a debt
subordination by a creditor of a company unlawful or unenforceable, except so
far as the debt subordination would disadvantage any creditor of the company
who was not a party to, or otherwise concerned in, the debt
subordination.
- (2)
- In this section:
debt
subordination means an agreement or declaration by a creditor of a company,
however expressed, to the effect that, in specified circumstances:
- (a)
- a specified debt that
the company owes the creditor; or
- (b)
- a specified part of such a debt;
will not be repaid until other specified debts that the company
owes are repaid to a specified extent.
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