Corporations Regulations 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

REGULATION 5.6.48   NOTICE TO CREDITORS TO SUBMIT FORMAL PROOF  
Companies not subject to the simplified liquidation process

5.6.48(1)    

Subject to subregulation (1A) , a liquidator may from time to time fix a day, not less than 14 days after the day on which notice is given in accordance with subregulation (2) , on or before which creditors of the company whose debts or claims have not been admitted are formally to prove their debts or claims.

Companies subject to the simplified liquidation process

5.6.48(1A)    

Subregulation (1) does not apply in relation to a liquidator of a company that is subject to the simplified liquidation process.

Note: A notice given under subregulation 5.6.39(1B) may include a requirement that the creditors of a company that is subject to the simplified liquidation process must formally prove all or a specified class of debts or claims (see subregulation 5.6.39(4) ).

Notice requirements

5.6.48(2)    

A liquidator must give a notice under subregulation (1) :

(a)    

by lodging the notice with ASIC in accordance with subregulation 5.6.75(4) ; and

(b)    to every person who, to the knowledge of the liquidator, claims to be a creditor of the company, and whose debt or claim has not been admitted.

5.6.48(3)    

A notice under subregulation (1) must state at least the following information:

(a)    the name of the company;

(b)    any trading name of the company;

(c)    the ACN of the company;

(ca)    

if Division 1 of Part 5.6 of the Act applies for a sub-fund of a CCIV because of section 1237B of the Act - the ARFN of the sub-fund;

(d)    the day fixed under subregulation (1) .

Failure to comply with liquidator ' s requirements

5.6.48(4)    
A creditor of the company who fails to comply with a requirement of a liquidator under subregulation (1) is excluded:

(a)    from the benefit of a distribution made before his or her debt or claim is admitted; and

(b)    from objecting to that distribution.

Note: If Division 1 of Part 5.6 of the Act applies for a sub-fund of a CCIV because of section 1237B of the Act, that section translates most of this regulation ' s references to the company so that they are references to the sub-fund.