Document ID: chunk:federal_register_of_legislation:C2025C00185:section:588u
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 588U
Character Range: 2070452–2071651

588U  Events preventing creditor from suing
 (1) A creditor of a company that is being wound up cannot begin proceedings under section 588M in relation to the incurring of a debt, or the making of a disposition, by the company if:
 (a) the company's liquidator has applied under section 588FF in relation to the debt or disposition, or in relation to a transaction under which the debt was incurred; or
 (b) the company's liquidator has begun proceedings under section 588M in relation to the incurring of the debt or the making of the disposition; or
 (c) the company's liquidator has intervened in an application for a civil penalty order against a person relating to:
 (i) a contravention of subsection 588G(2) relating to the incurring of the debt; or
 (ii) a contravention of subsection 588GAB(2) or 588GAC(2) relating to the disposition; or
 (d) the company's liquidator has requested ASIC to make an order under subsection 588FGAA(3) relating to the disposition; or
 (e) ASIC has made an order under subsection 588FGAA(3) relating to the disposition.
 (2) Subsection (1) has effect despite sections 588R and 588T.

Division 5—Liability of holding company for insolvent trading by subsidiary