Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 5.6.55

Revocation or amendment of decision of liquidator

             (1)   If the liquidator considers that a proof of debt or claim has been wrongly admitted, the liquidator may:

                     (a)  revoke the decision to admit the proof and reject all of it; or

                     (b)  amend the decision to admit the proof by increasing or reducing the amount of the admitted debt or claim.

             (2)   If the liquidator considers that all of a proof of debt or claim has been wrongly rejected, the liquidator may:

                     (a)  revoke the decision to reject the proof of debt or claim; and

                     (b)  admit all of the proof or admit part of it and reject part of it.

             (3)   If the liquidator:

                     (a)  revokes a decision to admit a proof of debt or claim and rejects all of it; or

                     (b)  amends that decision by reducing the amount of the admitted debt or claim;

the liquidator must inform the creditor by whom it was lodged, in writing, of his or her grounds for the revocation or amendment.

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.

             (4)   If the liquidator revokes a decision to admit a proof of debt or claim and rejects all of it, or amends that decision by reducing the amount of the admitted debt or claim, the creditor must at once repay to the liquidator:

                     (a)  the amount received as dividend for the proof; or

                     (b)  the amount received as dividend that exceeds the amount that the creditor would have been entitled to receive if his or her debt or claim had been originally admitted for the reduced amount.

             (5)   If the liquidator:

                     (a)  revokes a decision to reject all of a proof of debt or claim; or

                     (b)  amends a decision to admit part of a proof of debt or claim;

by increasing the amount of the admitted debt or claim, the creditor by whom it was lodged is entitled to be paid, out of available money for the time being in the hands of the liquidator:

                     (c)  the dividend; or

                     (d)  an additional amount of dividend;

that the creditor would have been entitled to receive if all of the debt or claim had been originally admitted, or the increased amount had been admitted, before the available money is applied to pay a further dividend.

             (6)   The creditor is not entitled to disturb the distribution of any dividends declared before the liquidator revoked or amended the decision.



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