Corporations Act 2001
CHAPTER 5C
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MANAGED INVESTMENT SCHEMES
PART 5C.9
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WINDING UP
SECTION 601ND
WINDING UP ORDERED BY COURT
601ND(1)
[
Court's power]
(a) the Court thinks it is just and equitable to make the order; or
(b) within 3 months before the application for the order was made, execution or other process was issued on a judgment, decree or order obtained in a court (whether an Australian court or not) in favour of a creditor of, and against, the responsible entity in its capacity as the scheme's responsible entity and the execution or process has been returned unsatisfied. 601ND(2) [ Who may apply]
(a) the responsible entity; or
(b) a director of the responsible entity; or
(c) a member of the scheme; or
(d) ASIC. 601ND(3) [ Creditors]
The Court may, by order, direct the responsible entity of a registered scheme to wind up the scheme if:
(a) the Court thinks it is just and equitable to make the order; or
(b) within 3 months before the application for the order was made, execution or other process was issued on a judgment, decree or order obtained in a court (whether an Australian court or not) in favour of a creditor of, and against, the responsible entity in its capacity as the scheme's responsible entity and the execution or process has been returned unsatisfied. 601ND(2) [ Who may apply]
An order based on paragraph (1)(a) may be made on the application of:
(a) the responsible entity; or
(b) a director of the responsible entity; or
(c) a member of the scheme; or
(d) ASIC. 601ND(3) [ Creditors]
An order based on paragraph (1)(b) may be made on the application of a creditor.
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