Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:1_10:p3
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 1 cl 10 (pt 3/4)
Character Range: 20185–22982

following liabilities are in existence at the particular time:
 (a) your liability to pay the amount of the estimate;
 (b) the underlying liability;
 (c) a liability of yours under a judgment, to the extent that it is based on a liability referred to in paragraph (a) or (b).

 (5) Subsection (3) does not discharge a liability to a greater extent than the amount of the liability.

268‑25  Accuracy of estimate irrelevant to liability to pay

  You are liable to pay the unpaid amount of the estimate even if:
 (a) the underlying liability never existed or has been discharged in full; or
 (b) the unpaid amount of the underlying liability is less than the unpaid amount of the estimate.

Note 1: Section 268‑40 revokes the estimate if you give the Commissioner a statutory declaration, or file an affidavit, to the effect that the underlying liability never existed.

Note 2: Subdivision 268‑D provides ways in which you can challenge the estimate or its amount.

268‑30  Estimate provable in bankruptcy or winding up

 (1) Your liability (the estimate liability) to pay the unpaid amount of the estimate is provable in a bankruptcy or winding up, even if the estimate was made after:
 (a) the date of the bankruptcy; or
 (b) the relevant date (within the meaning of the Corporations Act 2001).

 (2) However, the estimate liability is provable only to the extent that the underlying liability would be provable if the unpaid amount of the underlying liability were the same as the unpaid amount of the estimate.

Example: Subsection (2) prevents proof of the estimate liability if the underlying liability could not be proved because, for example, of when it arose.

 (3) Subsections (1) and (2) do not apply if:
 (a) the underlying liability has already been admitted to proof; and
 (b) the proof has not been set aside.

 (4) If the estimate liability has been admitted to proof at a particular amount, the underlying liability is provable only to the extent the unpaid amount of the underlying liability exceeds that particular amount.

 (5) To the extent that a liability is provable because of this section, it is taken, for the purposes of the Bankruptcy Act 1966, to be provable in bankruptcy under that Act.

Subdivision 268‑D—Reducing and revoking estimates

Table of sections

268‑35 How estimate may be reduced or revoked—Commissioner's powers
268‑40 How estimate may be reduced or revoked—statutory declaration or affidavit
268‑45 How estimate may be reduced or revoked—rejection of proof of debt
268‑50 How estimate may be reduced—amount paid or applied
268‑55 When reduction or revocation takes effect
268‑60 Consequences of reduction or revocation—refund
268‑65 Consequences of reduction or revocation—statutory demand changed or set aside
268‑70 Consequences of reduction or