value (1) This section applies where, in the winding up of a company, the
liquidator admits a debt or claim that, as at the relevant date, did not bear
a certain value.
(2) The liquidator must:
- (a)
- make an estimate of the value of the debt or
claim as at the relevant date; or
- (b)
- refer the question of the value of the debt or claim to the Court.
(3) A person who is aggrieved by the liquidator's estimate of the value of the
debt or claim may, in accordance with the regulations, appeal to the Court
against the liquidator's estimate.
(4) If:
- (a)
- the liquidator refers the question of the value of the debt or
claim to the Court; or
- (b)
- a person appeals to the Court against the liquidator's estimate of the
value of the debt or claim;
the Court must:
- (c)
- make an estimate of the value of the debt or claim as at the relevant
date; or
- (d)
- determine a method to be applied by the liquidator in working out the
value of the debt or claim as at the relevant date.
(5) If the Court determines a method to be applied by the liquidator in
working out the value of the debt or claim, the liquidator must work out the
value of the debt or claim as at the relevant date in accordance with that
method.
(6) If:
- (a)
- the Court has determined a method to be applied by the
liquidator in working out the value of the debt or claim as at the
relevant date; and
- (b)
- a person is aggrieved by the way in which that method has been applied by
the liquidator in working out that value;
the person may, in accordance with the regulations, appeal to the Court
against the way in which the method was applied.
(7) If:
- (a)
- a person appeals to the Court against the way in which the
liquidator, in working out the value of the debt or claim, applied a method
determined by the court; and
- (b)
- the Court is satisfied that the liquidator did not correctly apply that
method;
the Court must work out the value of the debt or claim as at the relevant date
in accordance with that method.
(8) For the purposes of this Division, the amount of the debt or claim that is
admissible to proof is the value as estimated or worked out under this
section.
Commonwealth Numbered Acts