THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

Division 2 - Court-appointed liquidators

SECTION 478   APPLICATION OF PROPERTY; LIST OF CONTRIBUTORIES  

478(1)  [Collection of property, etc]  

As soon as practicable after the Court orders that a company be wound up, the liquidator must:

(a)  cause the company's property to be collected and applied in discharging the company's liabilities; and

(b)  consider whether subsection (1A) requires him or her to settle a list of contributories.

478(1A)  [Settlement of list of contributories]  

A liquidator of a company that is being wound up in insolvency or by the Court must settle a list of contributories if it appears to him or her likely that:

(a)  either:

(i) there are persons liable as members or past members to contribute to the company's property on the winding up; or

(ii) there will be a surplus available for distribution; and

(b)  it will be necessary:

(i) to make calls on contributories; or

(ii) to adjust the rights of the contributories among themselves.

478(1B)  [Rectification of register]  

A liquidator of such a company may rectify the register of members so far as required under this Part.

478(2)  (Omitted by No 210 of 1992, s 74 (effective 23 June 1993).)

478(3)  [Different classes of contributories]  

In settling the list of contributories the liquidator shall distinguish between persons who are contributories in their own right and persons who are contributories by virtue of representing, or being liable for the debts of, other persons.

478(4)  [List prima facie evidence]  

The list of contributories, when settled in accordance with the regulations, is prima facie evidence of the liabilities of the persons named in the list as contributories.

478(5)  [No liability company excepted]  

Paragraph (1)(b) and subsections (1A), (1B), (3) and (4) do not apply to a no liability company.