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CORPORATIONS ACT 2001 - SECT 444DB

Superannuation contribution debts not admissible to proof

Whole of superannuation contribution debt

             (1)  A deed of company arrangement must contain a provision to the effect that the administrator of the deed must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:

                     (a)  a debt by way of superannuation guarantee charge:

                              (i)  has been paid; or

                             (ii)  is, or is to be, admissible to proof against the company; and

                     (b)  the administrator of the deed is satisfied that the superannuation guarantee charge is attributable to the whole of the first-mentioned debt.

             (2)  If the administrator of a deed of company arrangement determines, under a provision covered by subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.

Part of superannuation contribution debt

             (3)  A deed of company arrangement must contain a provision to the effect that the administrator of the deed must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:

                     (a)  a debt by way of superannuation guarantee charge:

                              (i)  has been paid; or

                             (ii)  is, or is to be, admissible to proof against the company; and

                     (b)  the administrator of the deed is satisfied that the superannuation guarantee charge is attributable to that part of the first-mentioned debt.

             (4)  If the administrator of a deed of company arrangement determines, under a provision covered by subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.

Definition

             (5)  In this section:

"superannuation contribution" has the same meaning as in section 556.



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