Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 8 - Pooling  

Subdivision A - Pooling determinations  

SECTION 579B   COURT MAY CANCEL OR CONFIRM VARIATION  

579B(1)    
If:

(a)    a pooling determination is in force in relation to a group of 2 or more companies; and

(b)    the determination is varied; and

(c)    the variation has come into force;

either of the following persons may apply to the Court for an order cancelling the variation:

(d)    a creditor of a company in the group;

(e)    in a case where a company in the group is being wound up under a members ' voluntary winding up - a member of the company, so long as the member is not a company in the group.

579B(2)    
On an application, the Court:

(a)    may make an order cancelling the variation, or confirming it, either wholly or in part, on such conditions (if any) as the order specifies; and

(b)    may make such other orders as it thinks appropriate.

579B(3)    
If the Court makes an order under subsection (2) , the applicant for the order must:

(a)    lodge with ASIC a notice setting out the text of the order; and

(b)    do so within 2 business days after the making of the order.

The notice must be in the prescribed form.