CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
History
Pt 5.3A inserted by No 210 of 1992, s 56 (effective 23 June
1993).
Division 12 - Transition to creditors' voluntary winding up
History
Heading inserted by No 210 of 1992, s 56 (effective 23 June
1993).
SECTION 446A
ADMINISTRATOR BECOMES LIQUIDATOR IN CERTAIN CASES
446A(1)
[Creditors resolve to wind up, etc]
This section applies if:
(a)
the creditors of a company under administration resolve at a particular time under paragraph
439C(c) that the company be wound up; or
(b)
a company under administration contravenes subsection
444B(2) at a particular time; or
(c)
at a meeting convened under section
445F, a company's creditors:
(i) pass a resolution terminating a deed of company arrangement executed by the company; and
(ii) also resolve at a particular time under section 445E that the company be wound up.
History
S 446A(1) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
446A(2)
[Deemed passing of winding up resolution]
The company is taken:
(a)
to have passed, at the time referred to in paragraph
(1)(a) or (b) or subparagraph
(1)(c)(ii), as the case may be, a special resolution under section
491 that the company be wound up voluntarily; and
(b)
to have done so without a declaration having been made and lodged under section
494.
History
S 446A(2) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
446A(3)
[Deemed compliance with sec 497]
Section
497 is taken to have been complied with in relation to the winding up.
History
S 446A(3) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
446A(4)
[Administrator deemed to be nominated as liquidator]
For the purposes of subsection
499(1):
(a)
the company is taken to have nominated:
(i) if paragraph (1)(a) or (b) of this section applies - the administrator of the company; or
(ii) if paragraph (1)(c) of this section applies - the administrator of the deed;
to be liquidator for the purposes of the winding up;
(b)
the creditors are taken not to have so nominated anyone.
History
S 446A(4) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
446A(5)
[Notice of deemed resolution]
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 section 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 jurisdiction in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction.
History
S 446A(5) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
446A(6)
[Sec 482]
Section
482 applies in relation to the winding up as if it were a winding up in insolvency or by the Court.
Note:
Section
482 empowers the Court to stay or terminate a winding up and give consequential directions.
History
S 446A(6) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
446A(7)
[Application under sec 482]
An application under section
482 as applying because of subsection
(6) may be made:
(a)
despite subsection
499(4), 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.
History
S 446A(7) inserted by No 210 of 1992, s 56 (effective 23 June 1993).