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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 588T

When creditor may sue for compensation without liquidator's consent

(1) This section applies where a notice is given under section 588S. (2) The creditor may begin proceedings in a court under section 588M in relation to the incurring by the company of the debt specified in the notice if:

as at the end of 3 months after the liquidator receives the notice, he or she has not consented to the creditor beginning such proceedings; and

on an application made after those 3 months, the court has given leave for the proceedings to begin.

(3) If:

during those 3 months, the liquidator gives to the creditor a written statement of the reasons why the liquidator thinks that such proceedings should not be begun; and

the creditor applies for leave under paragraph (2)(b);


the creditor must file the statement with the court when so applying; and

in determining the application, the court is to have regard to the reasons set out in the statement.

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