THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 4 - Voluntary winding up generally

SECTION 506   POWERS AND DUTIES OF LIQUIDATOR  

506(1)  [Powers]  

The liquidator may:

(a)  (Omitted by No 210 of 1992, s 82.)

(b)  exercise any of the powers that this Law confers on a liquidator in a winding up in insolvency or by the Court;

(c)  exercise the power under section 478 of a liquidator appointed by the Court to settle a list of contributors;

(d)  exercise the Court's powers under subsection 483(3) (except paragraph 483(3)(b)) in relation to calls on contributories;

(e)  exercise the power of the Court of fixing a time within which debts and claims must be proved; or

(f)  convene a general meeting of the company for the purpose of obtaining the sanction of the company by special resolution in respect of any matter or for any other purpose he or she thinks fit.

506(1A)  [Application of sec 477(2A), (2B)]  

Subsections 477(2A) and (2B) apply in relation to the liquidator as if:

(a)  he or she were a liquidator in a winding up in insolvency or by the Court; and

(b)  in the case of a members' voluntary winding up - a reference in those subsections to an approval were a reference to the approval of a special resolution of the company.

506(1B)  [Lodgment of special resolution]  

The company must lodge a copy of a special resolution referred to in paragraph (1A)(b) with ASIC within 14 days after the resolution is passed.

506(2)  [List prima facie evidence of liability]  

A list of contributories settled in accordance with paragraph (1)(c) is prima facie evidence of the liability of the persons named in the list to be contributories.

506(3)  [Duties]  

The liquidator shall pay the debts of the company and adjust the rights of the contributories among themselves.

506(4)  [Several liquidators]  

When several liquidators are appointed, any power given by this Law may be exercised by such one or more of them as is determined at the time of their appointment, or in default of such determination, by any number not less than 2.