Document ID: chunk:federal_register_of_legislation:C2025C00185:section:567:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 567 (pt 1/2)
Character Range: 1903772–1906190

567  Liquidator's right to recover in respect of certain transactions
 (1) Where any property, business or undertaking has been acquired by a company for a cash consideration before 23 June 1993 and within 4 years before the relation‑back day in relation to a winding up of the company:
 (a) from a promoter of the company or a spouse of such a promoter, or from a relative of such a promoter or spouse; or
 (b) from a person who was, at the time of the acquisition, a director of the company, from a spouse of such a director, or from a relative of such a person or spouse; or
 (c) from a body corporate that was, at the time of the acquisition, related to the company; or
 (d) from a person who was, at the time of the acquisition, a director of a body corporate that was related to the company, from a spouse of such a person, or from a relative of such a person or spouse;
the liquidator may recover from the person or body corporate from which the property, business or undertaking was acquired any amount by which the cash consideration for the acquisition exceeded the value of the property, business or undertaking at the time of its acquisition.
 (2) Where any property, business or undertaking has been sold by a company for a cash consideration before 23 June 1993 and within 4 years before the relation‑back day in relation to a winding up of the company:
 (a) to a promoter of the company or a spouse of such a promoter, or to a relative of such a promoter or spouse; or
 (b) to a person who was, at the time of the sale, a director of the company, to a spouse of such a director, or to a relative of such a person or spouse; or
 (c) to a body corporate that was, at the time of the sale, related to the company; or
 (d) to a person who was, at the time of the sale, a director of a body corporate that was related to the company, to a spouse of such a director, or to a relative of such a person or spouse;
the liquidator may recover from the person or body corporate to which the property, business or undertaking was sold any amount by which the value of the property, business or undertaking at the time of the sale exceeded the cash consideration.
 (3) 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