Document ID: chunk:federal_register_of_legislation:C2004A04501:body:0:p8
Version: federal_register_of_legislation:C2004A04501
Segment Type: other
Provision Reference: 
Character Range: 51232–59006

Debts of a class to rank equally
 99.                       Advances for company to make priority payments in respect of employees
 100.                      Application of proceeds of contracts of insurance
 101.                      Insertion of new section:
                            562A.                                                                                          Application of proceeds of contracts of reinsurance
 102.                      Insertion of new sections and heading:
                            563A.                                                                                          Member's debts to be postponed until other debts and claims satisfied
                          Subdivision E—Miscellaneous
                            563B.                                                                                          Interest on debts and claims from relevant date to date of payment
                            563C.                                                                                          Debt subordination
 103.                      Substitution of heading
 104.                      Undue preference
 105.                      Effect of floating charge
 106.                      Liquidator's right to recover in respect of certain transactions
 107.                      Insertion of heading
 108.                      Disclaimer by liquidator; application to Court by party to contract
 109.                      Insertion of new sections and heading:
                            568A.                                                                                          Liquidator must give notice of disclaimer
                            568B.                                                                                          Application to set aside disclaimer before it takes effect
                            568C.                                                                                          When disclaimer takes effect
                            568D.                                                                                          Effect of disclaimer
                            568E.                                                                                          Application to set aside disclaimer after it has taken effect
                            568F.                                                                                          Court may dispose of disclaimed property
                          Division 7B—Effect on enforcement process against company's property
 110.                      Insertion of new headings and new sections:
                          Division 1—Application of Part 5.3A to matters arising under corresponding laws
                            588AA.                                                                                         Application in this jurisdiction
                            588AB.                                                                                         Enforcement of orders
                          Division 2—Winding up recognised companies
 111.                      Insertion of new Part:
                          PART 5.7B—RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
                          Division 1—Preliminary
                            588D.                                                                                          Secured debt may become unsecured
                            588E.                                                                                          Presumptions to be made in recovery proceedings
                          Division 2—Voidable transactions
                            588FA.                                                                                         Unfair preferences
                            588FB.                                                                                         Uncommercial transactions
                            588FC.                                                                                         Insolvent transactions
                            588FD.                                                                                         Unfair loans to a company
                            588FE.                                                                                         Voidable transactions

TABLE OF PROVISIONS—continued

Section
           588FF.                                                                                      Court may make orders about voidable transactions
           588FG.                                                                                      Transaction not voidable as against certain persons
           588FH.                                                                                      Liquidator may recover from related entity benefit resulting from insolvent transaction
           588FI.                                                                                      Creditor who gives up benefit of unfair preference may prove for preferred debt
           588FJ.                                                                                      Floating charge created within 6 months before relation-back day
         Division 3—Director's duty to prevent insolvent trading
           588G.                                                                                       Director's duty to prevent insolvent trading by company
           588H.                                                                                       Defences
         Division 4—Director liable to compensate company
         Subdivision A—Proceedings against director
           588J.                                                                                       On application for civil penalty order, Court may order compensation
           588K.                                                                                       Criminal court may order compensation
           588L.                                                                                       Enforcement of order under section 588J or 588K
           588M.                                                                                       Recovery of compensation for loss resulting from insolvent trading
           588N.                                                                                       Avoiding double recovery
           588P.                                                                                       Effect of sections 588J, 588K and 588M
           588Q.                                                                                       Certificates evidencing contravention
         Subdivision B—Proceedings by creditor
           588R.                                                                                       Creditor may sue for compensation with liquidator's consent
           588S.                                                                                       Creditor may give liquidator notice of intention to sue for compensation
           588T.                                                                                       When creditor may sue for compensation without liquidator's consent
           588U.                                                                                       Events preventing creditor from suing
         Division 5—Liability of holding company for insolvent trading by subsidiary
           588V.                                                                                       When