Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 553AB

Whole of superannuation contribution debt

             (1)  In a winding up, the liquidator must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:

                     (a)  a debt by way of superannuation guarantee charge:

                              (i)  has been paid; or

                             (ii)  is, or is to be, admissible to proof against the company; and

                     (b)  the liquidator is satisfied that the superannuation guarantee charge is attributable to the whole of the first-mentioned debt.

             (2)  If the liquidator determines, under subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.

Part of superannuation contribution debt

             (3)  In a winding up, the liquidator must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:

                     (a)  a debt by way of superannuation guarantee charge:

                              (i)  has been paid; or

                             (ii)  is, or is to be, admissible to proof against the company; and

                     (b)  the liquidator is satisfied that the superannuation guarantee charge is attributable to that part of the first-mentioned debt.

             (4)  If the liquidator determines, under subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.

Definition

             (5)  In this section:

"superannuation contribution" has the same meaning as in section 556.