Corporations Act 2001
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
View history note
Hide history noteThe liquidator may adopt the simplified liquidation process for the purpose of winding up the affairs and distributing the property of a company in a creditors ' voluntary winding up, if the liquidator believes on reasonable grounds that the eligibility criteria are met in relation to the company.
500A(2)
However, the liquidator must not adopt the simplified liquidation process if: (aa) the company is, or is a related body corporate of, a body regulated by APRA (within the meaning of the Australian Prudential Regulation Authority Act 1998 ); or (a) more than 20 business days have passed since the day on which the triggering event occurred; or (b) the liquidator has not given each member and creditor of the company notice in accordance with subsection (3) ; or (c) at least 25% in value of the creditors request the liquidator under section 500AB not to follow the simplified liquidation process in relation to the company.
500A(3)
At least 10 business days before adopting the simplified liquidation process, the liquidator must give each member and creditor of the company notice in writing that includes the following: (a) a statement that the liquidator believes on reasonable grounds that the eligibility criteria for the simplified liquidation process will be met in relation to the company when the process is adopted; (b) an outline of the simplified liquidation process containing the prescribed information (if any); (c) a statement that the liquidator will not adopt the simplified liquidation process if at least 25% in value of the creditors direct the liquidator in writing not to do so; (d) prescribed information on how a creditor may give a direction in writing not to adopt the simplified liquidation process.
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.
