Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-4A - RESTRUCTURING OF AN ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATION  

Division 522 - Restructuring of an Aboriginal and Torres Strait Islander corporation  

SECTION 522-4   EFFECT OF APPOINTMENT OF SPECIAL ADMINISTRATOR - ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATION SUBJECT TO RESTRUCTURING PLAN  

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 .

522-4(2)    
The Court may order that the restructuring plan is to terminate.

522-4(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.

522-4(4)    
The order may be made subject to conditions.

Effect of termination of restructuring plan

522-4(5)    
If the Court orders that the restructuring plan is to terminate, any 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.

522-4(6)    
In this section:

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