CORPORATIONS ACT 2001 - SECT 444DB Superannuation contribution debts not admissible to proof

CORPORATIONS ACT 2001 - SECT 444DB

Whole of superannuation contribution debt

  (1)   A deed of company arrangement must contain a provision to the effect that the administrator of the deed 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 administrator of the deed is satisfied that the superannuation guarantee charge is attributable to the whole of the first - mentioned debt.

  (2)   If the administrator of a deed of company arrangement determines, under a provision covered by 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)   A deed of company arrangement must contain a provision to the effect that the administrator of the deed 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 administrator of the deed is satisfied that the superannuation guarantee charge is attributable to that part of the first - mentioned debt.

  (4)   If the administrator of a deed of company arrangement determines, under a provision covered by 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.