CORPORATIONS ACT 2001 - SECT 554H Repayment of excess
CORPORATIONS ACT 2001 - SECT 554H
Repayment of excess(1) Where a creditor who has amended a proof of debt under section 554G has received, in the winding up of the debtor company, an amount in excess of the amount to which the creditor would have been entitled under the amended proof of debt, the creditor must, without delay, repay the amount of the excess to the liquidator.
(2) Where a creditor who has so amended a proof of debt has
received, in the winding up of the debtor company, less than the amount to
which the creditor would have been entitled under the amended proof of debt,
the creditor is entitled to be paid, out of the money remaining for
distribution in the winding up, the amount of the deficiency before any of
that money is applied in the payment of future distributions, but the creditor
is not entitled to affect a distribution made before the amendment of the
proof of debt.