CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 5.3A.07 Administrator becomes liquidator — additional cases

Commonwealth Numbered Regulations

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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 5.3A.07

Administrator becomes liquidator — additional cases

(1): For subsection 446B (1) of the Act, a company that has executed a deed of company arrangement is taken to have passed a special resolution under section 491 that the company be wound up voluntarily:

(a): if the Court at a particular time makes an order under section 445D of the Act terminating the deed of company arrangement; or
(b): if the deed of company arrangement specifies circumstances in which the deed is to terminate and the company is to be wound up — if those circumstances exist at a particular time.

(2): The company is taken to have passed the special resolution:

(a): at the time mentioned in paragraph (1) (a) or (b), as the case may be; and
(b): without a declaration having been made and lodged under section 494 of the Act.

(3): Section 497 of the Act is taken to have been complied with in relation to the winding up.
(4): For subsection 499 (1) of the Act:

(a): the company is taken to have nominated the administrator of the deed of company arrangement to be liquidator for the purposes of the winding up; and
(b): the creditors are taken not to have nominated anyone.

(5): The liquidator must:

(a): within 7 days after the day on which the company is taken to have passed the resolution, lodge a written notice stating that the company is taken because of this regulation to have passed such a resolution and specifying that day; and
(b): cause a notice of that kind to be published, within 21 days after that day:

(i): in a national newspaper; or
(ii): in each State or Territory in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction.

(6): Section 482 of the Act applies in relation to the winding up as if it were a winding up in insolvency or by the Court.

Note
Section 482 of the Act empowers the Court to stay or terminate a winding up and to give consequential directions.

(7): An application under section 482 of the Act as applying because of subregulation (6) may be made:

(a): despite subsection 499 (4) of the Act, by the company pursuant to a resolution of the board; or
(b): by the liquidator; or
(c): by a creditor; or
(d): by a contributory.

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