CORPORATIONS ACT 2001 - SECT 579Q Eligible unsecured creditor

CORPORATIONS ACT 2001 - SECT 579Q

  (1)   Subject to subsection   (2), for the purposes of the application of this Division to a group of 2 or more companies, a creditor of a company in the group is an eligible unsecured creditor of that company if:

  (a)   both:

  (i)   the creditor's debt or claim is unsecured; and

  (ii)   the creditor is not a company in the group; or

  (b)   the creditor is specified in the regulations.

Note:   For specification by class, see subsection   13(3) of the Legislation Act 2003 .

  (2)   The regulations may provide that, for the purposes of the application of this Division to a group of 2 or more companies, a specified creditor of a company in the group is not an eligible unsecured creditor of that company.

Note:   For specification by class, see subsection   13(3) of the Legislation Act 2003 .