Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 588S

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.