CORPORATIONS ACT 2001 - SECT 563A Postponing subordinate claims

CORPORATIONS ACT 2001 - SECT 563A

  (1)   The payment of a subordinate claim against a company is to be postponed until all other debts payable by, and claims against, the company are satisfied.

  (2)   In this section:

"claim" means a claim that is admissible to proof against the company (within the meaning of section   553).

"debt" means a debt that is admissible to proof against the company (within the meaning of section   553).

"subordinate claim" means:

  (a)   a claim for a debt owed by the company to a person in the person's capacity as a member of the company (whether by way of dividends, profits or otherwise); or

  (b)   any other claim that arises from buying, holding, selling or otherwise dealing in shares in the company.