Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 5.6.54

Grounds of rejection and notice to creditor

             (1)   Within 7 days after the liquidator has rejected all or part of a formal proof of debt or claim, the liquidator must:

                     (a)  notify the creditor of the grounds for that rejection in accordance with Form 537; and

                     (b)  give notice to the creditor at the same time:

                              (i)  that the creditor may appeal to the Court against the rejection within the time specified in the notice, being not less than 14 days after service of the notice, or such further period as the Court allows; and

                             (ii)  that unless the creditor appeals in accordance with subparagraph (i), the amount of his or her debt or claim will be assessed in accordance with the liquidator's endorsement on the creditor's proof.

Note:          The effect of regulation 5.6.11A is that if a recipient has, in accordance with that provision, nominated electronic means to receive notices, the notifier may give or send the notice mentioned in this subregulation by the nominated electronic means.

             (2)   A person may appeal against the rejection of a formal proof of debt or claim within:

                     (a)  the time specified in the notice of the grounds of rejection; or

                     (b)  if the Court allows--any further period.

             (3)   The Court may extend the time for filing an appeal under subregulation (2), even if the period specified in the notice has expired.

             (4)  If the liquidator has admitted a formal proof of debt or claim, the notice of dividend is sufficient notice of the admission.



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