Section 239ACW — Companies Act 1993: Effect of deed on company's debts

239ACW Effect of deed on company's debts (1) A deed of company arrangement releases the company from a debt only in so far as— (a) the deed provides for the release; and (b) the creditor concerned is bound by the deed. (2) The release of the company from a debt under subsection (1) does not discharge or otherwise affect the liability of— (a) a guarantor of the debt; or (b) a person who has indemnified the creditor concerned against default by the company in relation to the debt. Compare: Corporations Act 2001 (Australia) s 444H Section 239ACW: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).