Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.5 - VOLUNTARY WINDING UP  

Division 3 - Creditors ' voluntary winding up  

Subdivision B - Simplified liquidation process for creditors ' voluntary winding up of an insolvent company  

SECTION 500AC   LIQUIDATOR MUST CEASE TO FOLLOW THE SIMPLIFIED LIQUIDATION PROCESS  

500AC(1)  
The liquidator of a company must cease to follow the simplified liquidation process:

(a)  if the eligibility criteria for the simplified liquidation process are no longer met in relation to a company; or

(b)  in other circumstances prescribed by the regulations.

500AC(2)  
The regulations may deal with the transition from a simplified liquidation process to another process under this Chapter.

500AC(3)  
Without limiting subsection (2), regulations made for the purposes of that subsection may deal with:

(a)  proofs of debts and claims in relation to a company that has ceased to be subject to the simplified liquidation process; and

(b)  ranking debts and claims in relation to a company that has ceased to be subject to the simplified liquidation process; and

(c)  the identification of contributories in relation to a company that has ceased to be the subject of the simplified liquidation process; and

(d)  the declaration and payment of a dividend in the winding up of a company that has ceased to be the subject of the simplified liquidation process; and

(e)  giving information, providing reports and producing documents to ASIC in relation to a company that has ceased to be the subject of the simplified liquidation process.

500AC(4)  
Regulations made for the purposes of subsection (2) may provide that this Act has effect with any modifications prescribed by the regulations.


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