The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has released an exposure draft of Corporations Amendment (No.2) Bill 2010 which will give effect to the Government’s decision to reverse the High Court decision in Sons of Gwalia v Margaretic (previously discussed here).

The Sons of Gwalia decision determined that, in a corporate winding up, certain compensation claims by shareholders against the company ranked equally with the claims of other creditors.

The Bill also introduces reforms relating to notices to creditors, shareholder voting and clarifies the position of shareholders bringing claims for damages against companies.