House of Representatives

Corporations Amendment (Insolvency) Bill 2007

Explanatory Memorandum

(Circulated by the authority of the Parliamentary Secretary to the Treasurer, the Hon Chris Pearce, MP)

DP Excavation & Haulage Pty Limited v Commissioner of Taxation
[2005] NSWSC 533 .

Deputy Commissioner of Taxation v Rathner
[2004] VSC 352 .

Deputy Commissioner of Taxation v Rathner
[2004] VSC 352 .

Deputy Commissioner of Taxation v Rathner
[2004] VSC 352 .

Re ACN 050 541 047 Ltd
[2002] NSWSC 586 .

[6]
Generally, if a company wishes to change its name, it must pass a special resolution adopting the new name and lodge an application in the prescribed form with ASIC (section 157).

Australian Law Reform Commission 1988, General Insolvency Inquiry.

This was the view taken by Cooper J, in ASC v Greig Ronald Heilbronn (No. G 3002 of 1995, Fed No. 27/95, Federal Crt of Australia in Qld) (Unreported).


[2004] HCA 42 .

Re Garner's Motors Ltd
[1937] Ch 594 ; Hill v Anderson Meat Industries Ltd
[1972] 2 NSWLR 704 followed in Re Knebel Woodworking Company Pty Ltd (1985)
3 ACLC 739 ; Re Southern World Airlines Ltd
[1993] 1 NZLR 597 ; Gan v Sanders (1994)
15 ACSR 298 ; Re Andersens Home Furnishing Company Pty Ltd
[1996] 14 ACLC 1 ,710.

"If the administrator has applied all of the proceeds of the realisation of the assets available for the payment of creditors or has paid to the creditors the sum of 100 cents in the dollar or any lesser sum determined by creditors at a general meeting".


35 NSWLR 64 ;
14 ACSR 343 ;
12 ACLC 727 .

These prescribed provisions can be excluded per subsection 444A(5).

Mulvany v Wintulich (unreported, Fed C of A, O'Loughlin J, SG 3184 of 1995, 29 September 1995, BC9507148); see also Cresvale Far East Ltd (in liq) v Cresvale Securities (subject to DCA) (2001)
37 ACSR 394 .

Clause 10: refers to section 432, stating that it operates as if the deed administrator was the 'controller'.

See subsection 440A(3).


78 FCR 60 ; Compare to Walker v Midlink Nominees Pty Ltd (prov liq apptd) (2000)
22 WAR 318 ; where a single judge of the Western Australian Supreme Court held that they could not: Followed in Brolrik Pty Ltd v Sambah Holdings Pty Ltd (2002)
40 ACSR 361 , NSWSC.

(1994)
13 ACSR 99 ,
12 ACLC 237 .

(1994)
15 ACSR 477 at 483,
13 ACLC 110 at 115--116.

[20]
(2005)
23 ACLC 324 .


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