Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p97
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 97/110)
Character Range: 397452–400215

in relation to the incurring of a specified debt by a specified company; or

         (iii) that a specified person charged before that court with such an offence was found in that court to have committed the offence but that the court did not proceed to convict the person of the offence;

is, unless it is proved that the declaration, conviction or finding was set aside, quashed or reversed, conclusive evidence:

     (c)     that the declaration was made, that the person was convicted of the offence, or that the person was so found, as the case may be; and

  (d)     that the person committed the contravention.

"Subdivision B—Proceedings by creditor

Creditor may sue for compensation with liquidator's consent

"588R.(1) A creditor of a company that is being wound up may, with the written consent of the company's liquidator, begin proceedings under section 588M in relation to the incurring by the company of a debt that is owed to the creditor.

"(2) Subsection (1) has effect despite section 588T, but subject to section 588U.

Creditor may give liquidator notice of intention to sue for compensation

"588S. After the end of 6 months beginning when a company begins to be wound up, a creditor of the company may give to the company's liquidator a written notice:

    (a)     stating that the creditor intends to begin proceedings under section 588M in relation to the incurring by the company of a specified debt that is owed to the creditor; and

    (b)     asking the liquidator to give to the creditor, within 3 months after receiving the notice:

         (i) a written consent to the creditor beginning the proceedings; or

       (iii)             a written Statement of the reasons why the liquidator thinks that proceedings under section 588M in relation to the incurring of that debt should not be begun.

When creditor may sue for compensation without liquidator's consent

"588T.(1) This section applies where a notice is given under section 588S.

"(2) The creditor may begin proceedings in a court under section 588M in relation to the incurring by the company of the debt specified in the notice if:

    (a)     as at the end of 3 months after the liquidator receives the notice, he or she has not consented to the creditor beginning such proceedings; and

    (b)     on an application made after those 3 months, the court has given leave for the proceedings to begin.

  "(3) If:

     (a) during those 3 months, the liquidator gives to the creditor a written statement of the reasons why the liquidator thinks that such proceedings should not be begun; and

(b) the creditor applies for leave under paragraph (2)(b); then:

    (c)     the creditor must file the statement with the court when so applying; and

    (d)     in