Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1227

Power of Court to make order relating to payment of money

(1) An order made under section 1226 may include directions to the person to whom the money is paid directing that that person:

must cause the money to be paid into a trust account; or

is authorised to prepare a scheme for distributing the money to persons who claim, during a period of 6 months after ASIC or that other person receives the money, to be entitled to the money and satisfy ASIC or that other person that they are so entitled; or

where the money received is insufficient to pay all proved claims, may, notwithstanding any rule of law or equity to the contrary, apportion the money among the claimants in proportion to their proved claims and show in the scheme how the money is so apportioned.

(2) Where a person prepares a scheme for distribution of money pursuant to subsection (1), the person must apply to the Court for approval of the scheme and for directions with respect to it. (3) The Court may give such directions as to the money held in a trust account pursuant to subsection (1), as to the persons to whom and in what amounts the whole or any portion of that money must be paid, and as to the payment of the balance of the money (if any) remaining in the account, as the Court thinks fit.

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