Section 579 — Corporations Act 2001 (Cth)

(1) This section applies if:

(a) the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or subsection 577(1A); and

(b) the liquidator or liquidators, in the exercise of that power, acted:

(i) with due care; and

(ii) in good faith; and

(iii) for the benefit of the creditors of the companies in the group, considered as a whole.

(2) The liquidator or liquidators are taken not to be in breach of:

(a) any duty to a company in the group concerned (whether under section 180, 181, 182, 183 or 184 or otherwise and whether of a fiduciary nature or not); or

(b) any duty to the creditors of a company in the group concerned (whether of a fiduciary nature or not);

in connection with the exercise of that power.

Related sections

• s 573 — Lodgment of copy of pooling determination etc.
• s 577 — Eligible unsecured creditors may decide to approve the determination or variation
• s 578 — When pooling determination comes into force etc.
• s 579A — Court may vary or terminate pooling determination
• s 579B — Court may cancel or confirm variation
• s 579C — When Court may void or validate pooling determination

Research how courts apply s 579

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