Section 501 — Corporations Act 2001 (Cth)

Subject to the provisions of this Act as to preferential payments, the property of a company must, on its winding up, be applied in satisfaction of its liabilities equally and, subject to that application, must, unless the company’s constitution otherwise provides, be distributed among the members according to their rights and interests in the company.

Related sections

• s 500AC — Liquidator must cease to follow the simplified liquidation process
• s 500AD — Working out whether the 25% in value of creditors test met
• s 500AE — Simplified liquidation process
• s 506 — Powers and duties of liquidator
• s 506A — Declarations by liquidator—relevant relationships and indemnities
• s 507 — Power of liquidator to accept shares etc. as consideration for sale of property of company

Research how courts apply s 501

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.