Western Australian Current Regulations Western Australian Current Regulations (1) This regulation
applies if —
(a) ASIC
makes a voluntary transfer determination under the Corporations Act
section 601WBA that there is to be a transfer of estate assets and
liabilities from a transferring company to a receiving company; and
(b) ASIC
issues a certificate of transfer under the Corporations Act
section 601WBG for the transfer; and
(c)
either or both of the transferring company or the receiving company are
registered in Western Australia.
(2) When the
certificate of transfer comes into force, the receiving company is taken to be
the successor in law of the transferring company, to the extent of the
transfer.
(3) In
particular —
(a) all
the estate assets and liabilities of the transferring company become
respectively the assets and liabilities of the receiving company without any
transfer, conveyance or assignment; and
(b) to
the extent of the transfer — the duties, obligations, immunities,
rights and privileges applying to the transferring company apply to the
receiving company.
(4) If the certificate
of transfer includes provisions of a kind referred to in the Corporations Act
section 601WBG(3) —
(a)
specifying that particular things are to happen or are taken to be the
case — those things are taken to happen, or to be the case, in
accordance with those provisions; or
(b)
specifying a mechanism for determining things that are to happen or are taken
to be the case — things determined in accordance with that
mechanism are taken to happen, or to be the case, as determined in accordance
with that mechanism.
[Regulation 10 inserted: Gazette
4 Jan 2013 p. 7-8.]