CORPORATIONS REGULATIONS 1990 (REPEALED)

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY ' S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

REGULATION 5.3A.07   ADMINISTRATOR BECOMES LIQUIDATOR - ADDITIONAL CASES  

5.3A.07(1)    
For the purposes of subsection 446B(1) of the Corporations Law, a company that has executed a deed of company arrangement is taken to have passed a special resolution under section 491 that the company be wound up voluntarily:

(a) if the Court at a particular time makes an order under section 445D of the Corporations Law terminating the deed of company arrangement; or

(b) if the deed of company arrangement specifies circumstances in which the deed is to terminate and the company is to be wound up - if those circumstances exist at a particular time.

5.3A.07(2)    
The company is taken to have passed the special resolution:

(a) at the time referred to in paragraph (1)(a) or (b), as the case may be; and

(b) without a declaration having been made and lodged under section 494 of the Corporations Law.

5.3A.07(3)    
Section 497 of the Corporations Law is taken to have been complied with in relation to the winding up.

5.3A.07(4)    
For the purposes of subsection 499(1) of the Corporations Law:

(a) the company is taken to have nominated the administrator of the deed of company arrangement to be liquidator for the purposes of the winding up; and

(b) the creditors are taken not to have nominated anyone.

5.3A.07(5)    
The liquidator must:

(a) within 7 days after the day on which the company is taken to have passed the resolution, lodge a written notice stating that the company is taken because of this regulation to have passed such a resolution and specifying that day; and

(b) cause a notice of that kind to be published, within 21 days after that day:

(i) in a national newspaper; or

(ii) in each jurisdiction in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction.

5.3A.07(6)    
Section 482 of the Corporations Law applies in relation to the winding up as if it were a winding up in insolvency or by the Court.

Note Section 482 of the Corporations Law empowers the Court to stay or terminate a winding up and to give consequential directions.

5.3A.07(7)    
An application under section 482 of the Corporations Law as applying because of subregulation (6) may be made:

(a) despite subsection 499(4) of the Corporations Law, by the company pursuant to a resolution of the board; or

(b) by the liquidator; or

(c) by a creditor; or

(d) by a contributory.