Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 588U

  (1)   A creditor of a company that is being wound up cannot begin proceedings under section   588M in relation to the incurring of a debt, or the making of a disposition, by the company if:

  (a)   the company's liquidator has applied under section   588FF in relation to the debt or disposition, or in relation to a transaction under which the debt was incurred; or

  (b)   the company's liquidator has begun proceedings under section   588M in relation to the incurring of the debt or the making of the disposition; or

  (c)   the company's liquidator has intervened in an application for a civil penalty order against a person relating to:

  (i)   a contravention of subsection   588G(2) relating to the incurring of the debt; or

  (ii)   a contravention of subsection   588GAB(2) or 588GAC(2) relating to the disposition; or

  (d)   the company's liquidator has requested ASIC to make an order under subsection   588FGAA(3) relating to the disposition; or

  (e)   ASIC has made an order under subsection   588FGAA(3) relating to the disposition.

  (2)   Subsection   (1) has effect despite sections   588R and 588T.