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 .
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Hide history noteThe simplified liquidation process for a creditors ' voluntary winding up is the process for a creditors ' voluntary winding up set out in this Act, as affected by: (a) subsection (2); and (b) regulations made for the purposes of subsection (3).
500AE(2)
The following provisions do not apply in the simplified liquidation process: (a) section 533 ; (b) section 75-10 of Schedule 2 (external administrator may convene meetings); (c) section 75-15 of Schedule 2 (external administrator must convene meeting in certain circumstances); (d) section 75-20 of Schedule 2 (external administrator must convene meeting if required by ASIC); (e) Division 80 of Schedule 2 (committees of inspection); (f) subsections 90-23(1) to (5) and section 90-24 of Schedule 2 (appointment of reviewing liquidator by ASIC, creditors etc.).
500AE(3)
The regulations may provide for and in relation to the following: (a) circumstances in which a transaction is not an unfair preference despite section 588FA ; (b) circumstances in which a transaction is not voidable despite section 588FE ; (c) proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including:
(i) the preparation and content of formal and informal proofs of debts and claims in relation to the company; and
(ii) the submission of formal and informal proofs of debts and claims to the liquidator of the company; and
(iii) the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and
(iv) withdrawal and variation of proofs of debts and claims in relation to the company; and
(d) the identification of contributories in relation to a company that is the subject of the simplified liquidation process; (e) the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process; (f) giving information, providing reports and producing documents to ASIC in relation to a company that is the subject of the simplified liquidation process.
(v) the admission and rejection of formal and informal proofs of debts and claims in relation to the company;
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