Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 588T

  (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, or the making by the company of the disposition, specified in the notice if:

  (a)   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

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

  (3)   If:

  (a)   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

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

then:

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

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