(1) A creditor of a company that is being wound up cannot begin proceedings under section 588M in relation to the incurring of a debt by the company if:

(a)

the company's liquidator has applied under section 588FF in relation to the debt, or in relation to a transaction under which the debt was incurred; or

(b)

the company's liquidator has begun proceedings under section 588M in relation to the incurring of the debt; or

(c)

the company's liquidator has intervened in an application for a civil penalty order against a person in relation to a contravention of subsection 588G(2) in relation to the incurring of the debt.

(2) Subsection (1) has effect despite sections 588R and 588T.