Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006 (125 of 2006)

Schedule 3   Transitional provisions

Part 3   Matters pending under old Act immediately before commencement

Division 8   Windings up

96   Court winding up commenced under old Act

(1) This item applies if, before commencement:

(a) the Court had ordered under section 63 of the old Act that a transitional corporation be wound up; and

(b) the winding up had not been completed.

(2) The winding up may be continued and completed under the new Act as if the Court had made an order under section 526-1 of the new Act that the transitional corporation be wound up.

(3) Without limiting subitem (2), a liquidator appointed before commencement to carry out the winding up of the transitional corporation is taken, after commencement, to have been appointed to carry out the winding up of the transitional corporation under the new Act.

(4) Without limiting paragraph 526-35(2)(b) of the new Act, regulations made under the new Act for the purposes of that paragraph may modify the operation of the Corporations Act winding up provisions in relation to a transitional corporation to which this item applies.