Corporations Regulations 2001
View history note
Hide history noteFor the purposes of paragraph 500AC(1)(b) of the Act, a prescribed circumstance is that the liquidator believes on reasonable grounds that: (a) the company, or a director of the company, has engaged in conduct; and (b) the conduct involved fraud or dishonesty; and (c) the conduct has had, or is likely to have, a material adverse effect on the interests of the creditors as a whole or of a class of creditors as a whole.
5.5.07(2)
The liquidator is taken to have ceased to follow the simplified liquidation process on the day on which the liquidator first held the belief.
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