Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The payment of a subordinate claim against a company is to be postponed until all other debts payable by, and claims against, the company are satisfied.
(2) In this section:
"claim" means a claim that is admissible to proof against the company (within the meaning of section 553).
"debt" means a debt that is admissible to proof against the company (within the meaning of section 553).
"subordinate claim" means:
(a) a claim for a debt owed by the company to a person in the person's capacity as a member of the company (whether by way of dividends, profits or otherwise); or
(b) any other claim that arises from buying, holding, selling or otherwise dealing in shares in the company.