Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 - SECT 1237X

Determination of debts and claims that relate to the business of 2 or more sub-funds and are of uncertain value

             (1)  This section applies if, in the winding up of a sub-fund, the liquidator admits a debt or claim that:

                     (a)  is a liability of the CCIV that does not relate solely to the business of the sub-fund; and

                     (b)  as at the relevant date, did not bear a certain value.

Note:          If the liability relates solely to the business of the sub-fund but is of uncertain value, the liquidator must estimate the value of the debt or claim (paragraph 554A(2)(a)) or refer the question of the value of the debt or claim to the Court (paragraph 554A(2)(b)).

             (2)  Section 554A applies in relation to the debt or claim as if the value of the debt or claim that is to be estimated as at the relevant date were the value of the whole of the debt or claim (not just the proportion that is applicable to the sub-fund under subsection 1233L(2)).

             (3)  However, despite subsection 554A(8), for the purposes of Division 6 of Part 5.6, the amount of the debt or claim that is admissible to proof is the product of:

                     (a)  the value as estimated or worked out under section 554A (as modified by this section); and

                     (b)  the proportion of the liability applicable to the sub-fund under subsection 1233L(2).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback