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  

View history reference

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.

 View history note

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.

 View history note

506(1B)  [Lodgment of special resolution]  
View history reference

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.

 View history note

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.

 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.