THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.7 - WINDING UP OF BODIES OTHER THAN COMPANIES

SECTION 588   OUTSTANDING PROPERTY OF DEFUNCT REGISTRABLE BODY  

588(1)  [Outstanding property after dissolution or deregistration]  

This section applies where, after the dissolution or deregistration of a registrable body, there remains in this jurisdiction outstanding property of the body.

588(2)  [Vesting in person entitled or Commission]  

The estate and interest in the property, at law or in equity, of the body or its liquidator at that time, together with all claims, rights and remedies that the body or its liquidator then had in respect of the property, vests by force of this section in:

(a)  if the body was incorporated in Australia or an external Territory - the person entitled to the property under the law of the body's place of origin; or

(b)  otherwise - the Commission.

588(3)  [Commission's powers]  

Where any claim, right or remedy of a liquidator may under this Law be made, exercised or availed of only with the approval or concurrence of the Court or some other person, the Commission may, for the purposes of this section, make, exercise or avail itself of the claim, right or remedy without such approval or concurrence.

588(4)  [Application of sec 601AE]  

Section 601AE applies to property that vests in ASIC under this section as if the property were vested in ASIC under subsection 601AD(2).