Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 1 - INTRODUCTION  

Division 5 - Definitions  

Subdivision B - The Dictionary  

SECTION 5-5  

5-5   THE DICTIONARY  

Note: A number of expressions used in this Schedule are defined in section 9 of this Act.

In this Schedule:

adequate and appropriate fidelity insurance
has a meaning affected by subsection 25-1(2) .

adequate and appropriate professional indemnity insurance
has a meaning affected by subsection 25-1(2) .

administration account
: see section 65-5 .

annual administration return
means the return required to be lodged under subsection 70-5(3) .

annual liquidator return
means the return required to be lodged under subsection 30-1(1) .

approved form
: a document is lodged in the approved form if it is lodged in accordance with section 100-6 .

committee of inspection
for a company means:

(a) a committee appointed under sections 80-10 to 80-25 in relation to the external administration of the company; or

(b) a committee that is taken to be a committee of inspection in relation to the external administration of the company under subsection 80-26(3) (the company is a member of a pooled group).

creditor
, when used in relation to a company under external administration, means a creditor of the company.

current conditions
: see section 5-10 .

end of administration return
means the return required to be lodged under subsection 70-6(2) .

end of an external administration
of a company means:

(a) in relation to a company under administration - the day worked out under paragraph 435C(1)(b) ; and

(b) in relation to a company subject to a deed of company arrangement - the day the deed is terminated; and

(ba) in relation to a company under restructuring - the day worked out under regulations made for the purposes of paragraph 453A(b) ; and

(bb) in relation to a company subject to a restructuring plan - the day the plan is terminated; and

(c) in the case of a winding up of a company - the day on which the affairs of the company are fully wound up.

external administration
of a company: see section 5-15 .

external administrator
of a company: see section 5-20 .

financial interest
: a person has a financial interest in the external administration of a company in the circumstances set out in section 5-30 .

GST
has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .

Insolvency Practice Rules
means the rules made by the Minister under section 105-1 .

Insolvency Practice Schedule (Bankruptcy)
means Schedule 2 to the Bankruptcy Act 1966 , and includes rules made under section 105-1 of that Schedule.

March quarter
means the period of 3 months beginning on 1 January.

maximum default amount
for an external administrator of a company: see section 60-15 .

member of a pooled group
: see section 5-27 .

pooled group
: see section 5-27 .

prescribed
means prescribed by the Insolvency Practice Rules.

property
has a meaning affected by section 5-26 .

registered liquidator
means an individual who is registered as a liquidator under Part 2 of this Schedule.

Register of Liquidators
means the register established and maintained by ASIC under section 15-1 .

related entity
, in relation to an individual, has the same meaning as in the Bankruptcy Act 1966 .

remuneration determination
, for an external administrator of a company, means a determination made in accordance with section 60-10 in relation to the external administrator.

resolution
: a resolution is passed by creditors or contributories of a company:

(a) in a meeting - in the circumstances prescribed under paragraph 75-50(2)(k) ; or

(b) without a meeting - in the circumstances prescribed under paragraph 75-40(5)(b) .

reviewing liquidator
means a registered liquidator who has been appointed under section 90-23 or 90-24 to conduct a review.

special resolution
: a special resolution is passed by creditors or contributories of a company:

(a) in a meeting - in the circumstances prescribed under paragraph 75-50(2)(k) ; or

(b) without a meeting - in the circumstances prescribed under paragraph 75-40(5)(b) .

start of an external administration
of a company means:

(a) in relation to a company under administration - the day an administrator of the company is appointed under section 436A , 436B or 436C ; and

(b) in relation to a company that is subject to a deed of company arrangement - the day the deed is executed; and

(ba) in relation to a company under restructuring - the day a restructuring practitioner for the company is appointed under section 453B ; and

(bb) in relation to a company that is subject to a restructuring plan - the day the plan is made; and

(c) in the case of a winding up of a company - the day the winding up of the company is taken to have begun under section 513A or 513B ; and

(d) in relation to a company for which a provisional liquidator has been appointed - the day the provisional liquidator is appointed.

this Schedule
includes the Insolvency Practice Rules.