Commonwealth Consolidated Acts

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 522.4

  (1)   This section applies if:

  (a)   an Aboriginal and Torres Strait Islander corporation makes a restructuring plan under Part   5.3B of the Corporations Act (as applied by section   522 - 1 of this Act); and

  (b)   before the plan terminates, a special administrator for the corporation is appointed under Part   11 - 2.

  (2)   The Court may order that the restructuring plan is to terminate.

  (3)   The order may be made on the application of:

  (a)   the Registrar; or

  (b)   the special administrator for the corporation; or

  (c)   any other interested person.

  (4)   The order may be made subject to conditions.

Effect of termination of restructuring plan

  (5)   If the Court orders that the restructuring plan is to terminate, a ny admissible debt or claim that has not been dealt with in accordance with the restructuring plan is taken to be due and payable on the business day after the day on which the termination occurs.

  (6)   In this section:

"admissible debt or claim" has the same meaning as in the Corporations Regulations   2001 .