THE CORPORATIONS LAW

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 5.5 - VOLUNTARY WINDING UP

Division 3 - Creditors' voluntary winding up

SECTION 500   EXECUTION AND CIVIL PROCEEDINGS  

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500(1)  [Execution etc void]  

Any attachment, sequestration, distress or execution put in force against the property of the company after the passing of the resolution for voluntary winding up is void.

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History

S 500(1) amended by No 210 of 1992, Sch 1 (effective 23 June 1993).

CCH Note: See s 1382-1383.

S 500(1) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

500(2)  [Stay of civil proceedings]  

After the passing of the resolution for voluntary winding up, no action or other civil proceeding shall be proceeded with or commenced against the company except by leave of the Court and subject to such terms as the Court imposes.

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History

S 500(2) amended by No 210 of 1992, Sch 1 (effective 23 June 1993).

CCH Note: See s 1382-1383.

S 500(2) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

500(3)  [Court may order delivery of property]  

The Court may require any contributory, trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer forthwith or within such time as the Court directs to the liquidator any money, property or books in his, her or its hands to which the company is prima facie entitled.

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