CORPORATIONS ACT 2001 - SECT 485 Claims of creditors and distribution of property
CORPORATIONS ACT 2001 - SECT 485
Claims of creditors and distribution of property(1) The Court may fix a day on or before which creditors are to prove their debts or claims or after which they will be excluded from the benefit of any distribution made before those debts are proved.
(2) The Court must adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled to it.
(3) The Court may, in the event of the property being
insufficient to satisfy the liabilities, make an order as to the payment out
of the property of the costs, charges and expenses incurred in the winding up
in such order of priority as the Court thinks just.