CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7 - WINDING UP BODIES OTHER THAN COMPANIES  

SECTION 583   583   WINDING UP PART 5.7 BODIES  
Subject to this Part, a Part 5.7 body may be wound up under this Chapter and this Chapter applies accordingly to a Part 5.7 body with such adaptations as are necessary, including the following adaptations:


(a) the principal place of business of a Part 5.7 body in this jurisdiction is taken, for all the purposes of the winding up, to be the registered office of the Part 5.7 body;


(b) a Part 5.7 body is not to be wound up voluntarily under this Chapter;


(c) the circumstances in which a Part 5.7 body may be wound up are as follows:


(i) if the Part 5.7 body is unable to pay its debts, has been dissolved or deregistered, has ceased to carry on business in this jurisdiction or has a place of business in this jurisdiction only for the purpose of winding up its affairs;

(ii) if the Court is of opinion that it is just and equitable that the Part 5.7 body should be wound up;

(iii) if ASIC has stated in a report prepared under Division 1 of Part 3 of the ASIC Act that, in its opinion:

(A) the Part 5.7 body cannot pay its debts and should be wound up; or

(B) it is in the interests of the public, of the members, or of the creditors, that the Part 5.7 body should be wound up;


(d) if the Part 5.7 body is a registrable Australian body - the winding up must deal only with the affairs of the body outside its place of origin.


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