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 500AE   SIMPLIFIED LIQUIDATION PROCESS  

500AE(1)  
The simplified liquidation process for a creditors ' voluntary winding up is the process for a creditors ' voluntary winding up set out in this Act, as affected by:

(a)  subsection (2); and

(b)  regulations made for the purposes of subsection (3).

500AE(2)  
The following provisions do not apply in the simplified liquidation process:

(a)  section 533 ;

(b)  section 75-10 of Schedule 2 (external administrator may convene meetings);

(c)  section 75-15 of Schedule 2 (external administrator must convene meeting in certain circumstances);

(d)  section 75-20 of Schedule 2 (external administrator must convene meeting if required by ASIC);

(e)  Division 80 of Schedule 2 (committees of inspection);

(f)  subsections 90-23(1) to (5) and section 90-24 of Schedule 2 (appointment of reviewing liquidator by ASIC, creditors etc.).

500AE(3)  
The regulations may provide for and in relation to the following:

(a)  circumstances in which a transaction is not an unfair preference despite section 588FA ;

(b)  circumstances in which a transaction is not voidable despite section 588FE ;

(c)  proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including:


(i) the preparation and content of formal and informal proofs of debts and claims in relation to the company; and

(ii) the submission of formal and informal proofs of debts and claims to the liquidator of the company; and

(iii) the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and

(iv) withdrawal and variation of proofs of debts and claims in relation to the company; and

(v) the admission and rejection of formal and informal proofs of debts and claims in relation to the company;

(d)  the identification of contributories in relation to a company that is the subject of the simplified liquidation process;

(e)  the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process;

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


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