Section 579 — Corporations Act 2001: Duties of liquidator

(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.