Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 579

  (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.