Smile Molonski and cheer up everybody,Iam up to my armpits in...

Smile Molonski and cheer up everybody,Iam up to my armpits in debt with this Ponzi,remember the senate inquiry has stated it on Hansard.

Moving on,the courtiers of this ponzi ala FH,club banks are in for a rude shock,remeber the post on the backpackers?,we need all and sundry and not just wooduk to notify the ATO,and nail this illegal employment racket and ask questions that have not been forthcoming in the push to legitimise this Project Transform mark 2or 3

And further to that don't rely on Australian Stupid Indolence for Coruption (ASIC).agin go to Hansard and see what they reply to in their examination in front of Heffernan and Milne,it was pathetic.

Plus this little selacious statement


Corporations Act

The case centres around the interpretation of section 563A of the Australian Corporations Act which provides as follows:



Corporations Act
563A Members debts to be postponed until other debts and claims satisfied
Payment of a debt owed by a company to a person in the persons capacity as a member of the company, whether by way of dividends, profits or otherwise, is to be postponed until all debts owed to, or claims made by, persons otherwise than as members of the company have been satisfied.

This provision is based on a provision inserted in English companies legislation in 1862.

The effect of the section is that the claim of a shareholder against a company subject to winding up proceedings is postponed or subordinated to the claims of other creditors of the insolvent company, where the shareholders claim is in that persons capacity as a member of the company. However, subordination would not be required if the shareholders claim against the company is not in that shareholders capacity as a member.

The words have been interpreted as being confined to rights of a member under a companys constitution as regulated by the companies legislation. Thus they pick up dividends and analogous payments. The words do not include directors fees payable to a director who is also a member of a company and nor do the words cover a claim by a member against a company where the company undertook to find a purchaser of the members shares but failed to do so.