Section 554H — Corporations Act 2001 (Cth)

(1) Where a creditor who has amended a proof of debt under section 554G has received, in the winding up of the debtor company, an amount in excess of the amount to which the creditor would have been entitled under the amended proof of debt, the creditor must, without delay, repay the amount of the excess to the liquidator.

(2) Where a creditor who has so amended a proof of debt has received, in the winding up of the debtor company, less than the amount to which the creditor would have been entitled under the amended proof of debt, the creditor is entitled to be paid, out of the money remaining for distribution in the winding up, the amount of the deficiency before any of that money is applied in the payment of future distributions, but the creditor is not entitled to affect a distribution made before the amendment of the proof of debt.

Related sections

• s 554E — Proof of debt by secured creditor
• s 554F — Redemption of security interest by liquidator
• s 554G — Amendment of valuation
• s 554J — Subsequent realisation of security interest
• s 555 — Debts and claims proved to rank equally except as otherwise provided
• s 556 — Priority payments

Research how courts apply s 554H

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