Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 583
Winding up Part 5.7 bodies
Subject to this Part, a Part 5.7 body may be wound up under this
Chapter and this Chapter applies accordingly to a Part 5.7 body with such
adaptations as are necessary, including the following adaptations:
- (a)
- the principal place of business of
a Part 5.7 body in Australia is taken, for all the purposes of the winding up,
to be the registered office of the Part 5.7 body;
- (b)
- a Part 5.7 body is not to be wound up voluntarily under this
Chapter;
- (c)
- the circumstances in which a Part 5.7 body may be wound up are as
follows:
- (i)
- if the
Part 5.7 body is unable to pay its debts, has been dissolved or deregistered,
has ceased to carry on business in Australia or has a place of business in
Australia only for the purpose of winding up its affairs;
- (ii)
- if the Court is of opinion that it is just and equitable that
the Part 5.7 body should be wound up;
- (iii)
- if the Commission has stated in a report prepared under
Division 1 of Part 3 of the ASC Law that, in its opinion:
(A) the Part 5.7 body cannot pay its debts and should be
wound up; or
(B) it is in the interests of the public, of the members, or
of the creditors, that the Part 5.7 body should be wound
up.
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