Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or subsection 577(1A); and
(b) the liquidator or liquidators, in the exercise of that power, acted:
(i) with due care; and
(ii) in good faith; and
(iii) for the benefit of the creditors of the companies in the group, considered as a whole.
(2) The liquidator or liquidators are taken not to be in breach of:
(a) any duty to a company in the group concerned (whether under section 180, 181, 182, 183 or 184 or otherwise and whether of a fiduciary nature or not); or
(b) any duty to the creditors of a company in the group concerned (whether of a fiduciary nature or not);
in connection with the exercise of that power.