Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 2   Amendments relating to the Insolvency Practice Schedule (Corporations)

Part 2   Amendments consequential on the introduction of the Insolvency Practice Schedule (Corporations)

Corporations Act 2001

158   Section 495

Repeal the section, substitute:

495 Appointment of liquidator etc.

(1) The company in general meeting must appoint a liquidator or liquidators for the purpose of winding up the affairs and distributing the property of the company.

Note: For rules about the liquidator's remuneration, see Division 60 of Part 3 of Schedule 2. For rules about convening meetings, see Division 75 of Part 3 of Schedule 2.

(2) If a vacancy occurs in the office of a liquidator (whether by death, resignation or otherwise), the company in general meeting may fill the vacancy by the appointment of a liquidator.

(3) A general meeting may be convened for the purposes of subsection (2) by any contributory or, if there were 2 or more liquidators, by the continuing liquidators.

(4) The meeting must be held in the manner provided by this Act or by the company's constitution or in such manner as is, on application by any contributory or by the continuing liquidators, determined by the Court.