CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7 - WINDING UP BODIES OTHER THAN COMPANIES  

SECTION 588   OUTSTANDING PROPERTY OF DEFUNCT REGISTRABLE BODY  

588(1)  
This section applies if, after the dissolution or deregistration of a registrable body, outstanding property of the body remains:


(a) in this jurisdiction; and


(b) outside the body ' s place of origin.

588(2)  
The estate and interest in the property, at law or in equity, of the body or its liquidator at that time, together with all claims, rights and remedies that the body or its liquidator then had in respect of the property, vests by force of this section in:


(a) if the body was incorporated in Australia or an external Territory - the person entitled to the property under the law of the body ' s place of origin; or


(b) if paragraph (a) does not apply and the property was held by the body or liquidator on trust - the Commonwealth; or


(c) otherwise - ASIC.

588(3)  


Where any claim, right or remedy of a liquidator may under this Act be made, exercised or availed of only with the approval or concurrence of the Court or some other person, the Commonwealth or ASIC may, for the purposes of this section, make, exercise or avail itself of the claim, right or remedy without such approval or concurrence.

588(4)  


Section 601AE applies to:


(a) property that vests in the Commonwealth under paragraph (2)(b) of this section as if the property were vested in the Commonwealth under subsection 601AD(1A) ; and


(b) property that vests in ASIC under paragraph (2)(c) of this section as if the property were vested in ASIC under subsection 601AD(2) .

588(5)  


In this section:

property
of a body includes PPSA retention of title property, if the security interest in the property is vested in the body because of the operation of any of the following provisions:


(a) section 267 or 267A of the Personal Property Securities Act 2009 (property subject to unperfected security interests);


(b) section 588FL of this Act (collateral not registered within time).

Note: See sections 9 (definition of property ) and 51F (PPSA retention of title property).


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