CORPORATIONS ACT 2001 - SECT 553A Member cannot prove debt unless contributions paid
CORPORATIONS ACT 2001 - SECT 553A
Member cannot prove debt unless contributions paid A debt owed by a company to a person in the person's
capacity as a member of the company, whether by way of dividends, profits or
otherwise, is not admissible to proof against the company unless the person
has paid to the company or the liquidator all amounts that the person is
liable to pay as a member of the company.