THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 4 - Voluntary winding up generally

SECTION 509   FINAL MEETING AND DEREGISTRATION  

509(1)  [Duty of liquidator to make up account and convene meeting]  

As soon as the affairs of the company are fully wound up, the liquidator shall make up an account showing how the winding up has been conducted and the property of the company has been disposed of and, when the account is so made up, he or she shall convene a general meeting of the company, or, in the case of a creditors' voluntary winding up, a meeting of the creditors and members of the company, for the purpose of laying before it the account and giving any explanation of the account.

509(2)  [Advertisement]  

The meeting shall be convened by an advertisement published in the Gazette at least 1 month before the meeting specifying the date, time, place and purpose of the meeting.

509(3)  [Lodgment of return of holding meeting]  

The liquidator shall, within 7 days after the meeting, lodge a return of the holding of the meeting and of its date with a copy of the account attached to the return.

509(4)  [Quorum]  

At a meeting of the company, 2 members constitute a quorum and, at a meeting of the creditors and members of the company, 2 creditors and 2 members constitute a quorum and, if a quorum is not present at the meeting, the liquidator shall, in place of the return mentioned in subsection (3), lodge a return (with account attached) stating that the meeting was duly convened and that no quorum was present and, upon such a return being lodged, the provisions of that subsection as to the lodging of the return shall be deemed to have been complied with.

509(5)  ASIC must deregister at the end of 3 month period.  

ASIC must deregister the company at the end of the 3 month period after the return was lodged.

509(6)  ASIC must deregister on a day specified by the Court.  

On application by the liquidator or any other interested party, the Court may make an order that ASIC deregister the company on a specified day. The Court must make the order before the end of the 3 month period after the return was lodged.

509(7)  [Lodgment of copy of order]  

The person on whose application an order of the Court under this section is made shall, within 14 days after the making of the order, lodge an office copy of the order.