Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_553ab
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 553AB
Character Range: 11213–12710

553AB  Superannuation contribution debts not admissible to proof

Whole of superannuation contribution debt

 (1) In a winding up, the liquidator must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:
 (a) a debt by way of superannuation guarantee charge:
 (i) has been paid; or
 (ii) is, or is to be, admissible to proof against the company; and
 (b) the liquidator is satisfied that the superannuation guarantee charge is attributable to the whole of the first‑mentioned debt.

 (2) If the liquidator determines, under subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.

Part of superannuation contribution debt

 (3) In a winding up, the liquidator must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:
 (a) a debt by way of superannuation guarantee charge:
 (i) has been paid; or
 (ii) is, or is to be, admissible to proof against the company; and
 (b) the liquidator is satisfied that the superannuation guarantee charge is attributable to that part of the first‑mentioned debt.

 (4) If the liquidator determines, under subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.

Definition

 (5) In this section:

superannuation contribution has the same meaning as in section 556.