Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 1   Improving outcomes for creditors

Part 2   Better informing creditor decisions

Corporations Act 2001

37   Paragraph 508(1)(b)

Repeal the paragraph, substitute:

(b) in the case of a creditors' voluntary winding up:

(i) convene a meeting of the creditors; or

(ii) prepare a report that complies with subsection (3), and lodge a copy of the report with ASIC;

Note: The heading to section 508 is altered by omitting " meeting of creditors " and substituting " obligations of liquidator - meeting or report ".