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1 National Report for Australia »

Christopher Symes
From: Ranking and Priority of Creditors
Edited By: Dennis Faber, Niels Vermunt, Jason Kilborn, Tomáš Richter, Ignacio Tirado
This chapter discusses the law on creditor claims in Australia. For corporate insolvency and corporate rescue, creditor claims are dealt with by the Corporations Act 2001 (Cth), predominantly in ss 553 to 554J and 555 to 564. For personal bankruptcy, creditor claims are covered by the Bankruptcy Act 1966 (Cth), sections 82 to 104. Australian law traditionally does not distinguish between foreign claims and local claims, nor does it treat the rights of foreign creditors any differently from those of local creditors. The remainder of the chapter presents sections that deal with insolvency claims, administration claims, and non-enforceable claims, arising from bankruptcy, liquidation, and voluntary administration. Each section covers: the definition and scope of the claim; rules for submission, verification, and admission or satisfaction of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.