Document ID: chunk:federal_register_of_legislation:C2025C00185:section:567:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 567 (pt 2/2)
Character Range: 1905943–1907890

For the purposes of this section, the value of the property, business or undertaking includes the value of any goodwill, profits or gain that might have been made from the property, business or undertaking.
 (4) In this section, cash consideration means any consideration payable otherwise than by the issue of shares in the company.
 (5) Where:
 (a) a disposition of property is made by a company before 23 June 1993 and within 6 months before the relation‑back day in relation to a winding up of the company; and
 (b) the disposition of property confers a preference upon a creditor of the company; and
 (c) the disposition of property has the effect of discharging an officer of the company from a liability (whether under a guarantee or otherwise and whether contingent or otherwise);
the liquidator:
 (d) in a case to which paragraph (e) does not apply—may recover from that officer an amount equal to the value of the relevant property, as the case may be; or
 (e) where the liquidator has recovered from the creditor in respect of the disposition of the relevant property:
 (i) an amount equal to part of the value of the relevant property; or
 (ii) part of the relevant property;
  may recover from that officer an amount equal to the amount by which the value of the relevant property exceeds the sum of any amounts recovered as mentioned in subparagraph (i) and the amount of the value of any property recovered as mentioned in subparagraph (ii).
 (6) Where:
 (a) a liquidator recovers an amount of money from an officer of a company in respect of a disposition of property to a creditor as mentioned in subsection (5); and
 (b) the liquidator subsequently recovers from that creditor an amount equal to the whole or part of the value of the property disposed of;
the officer may recover from the liquidator an amount equal to the amount so recovered or the value of the property so recovered.

Division 7A—Disclaimer of onerous property