Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 2   Amendments relating to the Insolvency Practice Schedule (Corporations)

Part 2   Amendments consequential on the introduction of the Insolvency Practice Schedule (Corporations)

Corporations Act 2001

169   Section 509

Repeal the section, substitute:

509 Deregistration

ASIC must deregister at the end of 3 month period

(1) If an end of administration return for a company is lodged with ASIC on the basis that the affairs of the company are fully wound up, ASIC must deregister the company at the end of the period of 3 months beginning on the day after the return is lodged (the deregistration period ).

ASIC must deregister on a day specified by the Court

(2) On application by the liquidator or any other interested party, the Court may make an order that ASIC deregister the company on a specified day. The Court must make the order before the end of the deregistration period.

(3) The person on whose application an order under subsection (2) is made must, within 10 business days after the making of the order, lodge a copy of the order.