Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A liability to pay the unpaid amount of an estimate is provable in a bankruptcy or winding up of the person liable, even if the estimate was made after the date of the bankruptcy, or after the relevant date within the meaning of the Corporations Act 2001 , as the case may be.
(2) However, the liability is so provable only in so far as the underlying liability would be so provable if the unpaid amount of it were the same as the unpaid amount of the estimate.
Note: Subsection (2) prevents proof of an estimate if the underlying liability could not be proved because, for example, of when it arose.
(3) Subsections (1) and (2) do not apply if the underlying liability has already been admitted to proof and the proof has not been set aside.
(4) If the liability in respect of the estimate has been admitted to proof at a particular amount ( the admitted amount ), the underlying liability is provable only in so far as the unpaid amount of it exceeds the admitted amount.
(5) In so far as a liability is provable because of this section, it is taken for the purposes of the Bankruptcy Act 1966 to be provable in bankruptcy under that Act.