Corporations Act 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.6
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WINDING UP GENERALLY
Division 8
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Pooling
If the Court makes a pooling order in relation to a group of 2 or more companies, the Court may, if the Court is of the opinion that it is just and equitable to do so, do any or all of the following things:
(a) by order, exempt:
(b) by order, transfer, or direct the transfer, of:
(c) by order, transfer, or direct the transfer, of liability for:
(d) by order, modify the application of this Act in relation to the winding up of the companies in the group;
(e) make such other orders, and give such directions, in relation to the winding up of the companies in the group, as the Court thinks fit. Standing 579G(2)
An order or direction under subsection (1) may only be made or given on the application of:
(a) the liquidator of a company in the group; or
(b) a creditor of a company in the group; or
(c) in a case where a company in the group is being wound up under a members ' voluntary winding up - a member of the company, so long as the member is not a company in the group. Conditional orders etc. 579G(3)
An order or direction under subsection (1) may be made or given subject to conditions. 579G(4)
An order or direction under subsection (1) may provide for different returns for different creditors or classes of creditors. 579G(5)
An order or direction under subsection (1) may provide for the subordination of the debts and claims of specified creditors or classes of creditors to those of other creditors. 579G(6)
Subsections (4) and (5) do not limit subsection (1) or (3). Rights of secured creditors 579G(7)
An order or direction under subsection (1) does not affect the rights of a secured creditor, unless the relevant debt is payable by a company or companies in the group to any other company or companies in the group. Lodgment of order or direction 579G(8)
An order or direction under subsection (1) must be lodged with ASIC.
Subdivision B
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Pooling orders
SECTION 579G
COURT MAY MAKE ANCILLARY ORDERS ETC.
579G(1)
If the Court makes a pooling order in relation to a group of 2 or more companies, the Court may, if the Court is of the opinion that it is just and equitable to do so, do any or all of the following things:
(a) by order, exempt:
(i) a specified debt or claim; or
from the application of subsection 579E(2) to the group;
(ii) a specified class of debts or claims;
(b) by order, transfer, or direct the transfer, of:
(i) specified property; or
from a company in the group to another company in the group;
(ii) a specified class of property;
(c) by order, transfer, or direct the transfer, of liability for:
(i) a specified debt or claim; or
from a company in the group to another company in the group;
(ii) a specified class of debts or claims;
(d) by order, modify the application of this Act in relation to the winding up of the companies in the group;
(e) make such other orders, and give such directions, in relation to the winding up of the companies in the group, as the Court thinks fit. Standing 579G(2)
An order or direction under subsection (1) may only be made or given on the application of:
(a) the liquidator of a company in the group; or
(b) a creditor of a company in the group; or
(c) in a case where a company in the group is being wound up under a members ' voluntary winding up - a member of the company, so long as the member is not a company in the group. Conditional orders etc. 579G(3)
An order or direction under subsection (1) may be made or given subject to conditions. 579G(4)
An order or direction under subsection (1) may provide for different returns for different creditors or classes of creditors. 579G(5)
An order or direction under subsection (1) may provide for the subordination of the debts and claims of specified creditors or classes of creditors to those of other creditors. 579G(6)
Subsections (4) and (5) do not limit subsection (1) or (3). Rights of secured creditors 579G(7)
An order or direction under subsection (1) does not affect the rights of a secured creditor, unless the relevant debt is payable by a company or companies in the group to any other company or companies in the group. Lodgment of order or direction 579G(8)
An order or direction under subsection (1) must be lodged with ASIC.
[ CCH Note: S 579G(8) will be amended by No 69 of 2020, s 3, Sch 1[796], by substituting " the Registrar. The lodgement must meet any requirements of the data standards. " for " ASIC. " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
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