Section 444DB — Corporations Act 2001 (Cth)

Whole of superannuation contribution debt

(1) A deed of company arrangement must contain a provision to the effect that the administrator of the deed must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:

(a) a debt by way of superannuation guarantee charge:

(i) has been paid; or

(ii) is, or is to be, admissible to proof against the company; and

(b) the administrator of the deed is satisfied that the superannuation guarantee charge is attributable to the whole of the first‑mentioned debt.

(2) If the administrator of a deed of company arrangement determines, under a provision covered by subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.

Part of superannuation contribution debt

(3) A deed of company arrangement must contain a provision to the effect that the administrator of the deed must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:

(a) a debt by way of superannuation guarantee charge:

(i) has been paid; or

(ii) is, or is to be, admissible to proof against the company; and

(b) the administrator of the deed is satisfied that the superannuation guarantee charge is attributable to that part of the first‑mentioned debt.

(4) If the administrator of a deed of company arrangement determines, under a provision covered by subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.

Definition

(5) In this section:

superannuation contribution has the same meaning as in section 556.

Related sections

• s 444C — Creditor etc. not to act inconsistently with deed before its execution
• s 444D — Effect of deed on creditors
• s 444DA — Giving priority to eligible employee creditors
• s 444E — Protection of company’s property from persons bound by deed
• s 444F — Court may limit rights of secured creditor or owner or lessor
• s 444G — Effect of deed on company, officers and members

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