Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 85

85. After section 513 of the Corporations Law the following Division is
inserted:

"Division 1A - When winding up taken to begin Winding up ordered by the Court

"513A. If the Court orders under section 260, 459A, 459B or 461 that a company
be wound up, the winding up is taken to have begun or commenced:

   (a)  if, when the order was made, a winding up of the company was already
        in progress - when the last-mentioned winding up is taken because of
        this Division to have begun or commenced; or

   (b)  if, immediately before the order was made, the company was under
        administration - on the section 513C day in relation to the
        administration; or

   (c)  if:

        (i)    when the order was made, a provisional liquidator of the
               company was acting; and

        (ii)   immediately before the provisional liquidator was appointed,
               the company was under administration;
on the section 513C day in relation to the administration; or

   (d)  if, immediately before the order was made, a deed of company
        arrangement had been executed by the company and had not yet
        terminated - on the section 513C day in relation to the administration
        that ended when the deed was executed; or

   (e)  otherwise - on the day when the order was made. Voluntary winding up

"513B. Where a company resolves by special resolution that it be wound up
voluntarily, the winding up is taken to have begun or commenced:

   (a)  if, when the resolution was passed, a winding up of the company was
        already in progress - when the last-mentioned winding up is taken
        because of this Division to have begun or commenced; or

   (b)  if, immediately before the resolution was passed, the company was
        under administration - on the section 513C day in relation to the
        administration; or

   (c)  if, immediately before the resolution was passed, a deed of company
        arrangement had been executed by the company but had not yet
        terminated - on the section 513C day in relation to the administration
        that ended when the deed was executed; or

   (d)  if the resolution is taken to have been passed because, at a meeting
        convened under section 445F, the company's creditors:

        (i)    passed a resolution terminating a deed of company arrangement
               executed by the company; and

        (ii)   also resolved under section 445E that the company be wound up;
               on the section 513C day in relation to the administration that
               ended when the deed was executed;

   (e)  otherwise - on the day on which the resolution was passed. Section
        513C day in relation to an administration under Part 5.3A

"513C. The section 513C day in relation to the administration of a company is:

   (a)  if, when the administration began, a winding up of the company was in
        progress - the day on which the winding up is taken because of this
        Division to have begun; or

   (b)  otherwise - the day on which the administration began. Validity of
        proceedings in earlier winding up

"513D. Where, at the time when:

   (a)  the Court orders under section 260, 459A, 459B or 461 that a company
        be wound up; or

   (b)  a company resolves by special resolution that it be wound up
        voluntarily; a winding up of the company is already in progress, all
        proceedings in the last-mentioned winding up are taken to have been
        valid, except so far as the Court otherwise orders because fraud or
        mistake has been proved.".