Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 579

             (1)  This section applies if:

                     (a)  the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or 574; and

                     (b)  the liquidator or liquidators, in the exercise of that power, acted:

                              (i)  with due care; and

                             (ii)  in good faith; and

                            (iii)  for the benefit of the creditors of the companies in the group, considered as a whole.

             (2)  The liquidator or liquidators are taken not to be in breach of:

                     (a)  any duty to a company in the group concerned (whether under section 180, 181, 182, 183 or 184 or otherwise and whether of a fiduciary nature or not); or

                     (b)  any duty to the creditors of a company in the group concerned (whether of a fiduciary nature or not);

in connection with the exercise of that power.