CORPORATIONS ACT 2001 - SECT 563AA Seller under a buy - back agreement
CORPORATIONS ACT 2001 - SECT 563AA
Seller under a buy - back agreement(1) The selling shareholder's claim under a buy - back agreement is postponed until all debts owed to people otherwise than as members of the company have been satisfied.
(2) The shareholder's claim is not a debt owed by the
company to the seller in the shareholder's capacity as a member of the
company for the purposes of section 563A.