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

Schedule 1   Improving outcomes for creditors

Part 3   Streamlining external administration

Corporations Act 2001

49   After section 157

Insert:

157A Change of name of company under external administration

Application by liquidator

(1) The liquidator of a company that is being wound up may lodge an application with ASIC to change the name of the company if the liquidator is satisfied that the proposed change of name is in the interests of the creditors of the company as a whole.

(2) Subsection (1) does not apply to a members' voluntary winding up.

Application by administrator

(3) The administrator of a company under administration may lodge an application with ASIC to change the name of the company if the administrator is satisfied that the proposed change of name is in the interests of the creditors of the company as a whole.

Application by deed administrator

(4) The administrator of a deed of company arrangement may lodge an application with ASIC to change the name of the company if the administrator is satisfied that the proposed change of name is in the interests of the creditors of the company as a whole.

Application by managing controller

(5) If:

(a) a person is the managing controller of property of a company; and

(b) the person is entitled to enforce a charge on the whole, or substantially the whole, of the company's property;

the person may lodge an application with ASIC to change the name of the company if the person is satisfied that the proposed change of name is in the interests of the creditors of the company as a whole.

Application by receiver

(6) If:

(a) a person is a receiver of property of a company; and

(b) the property subject to the receivership consists of, or includes, goodwill in relation to the name of the company;

the person may lodge an application with ASIC to change the name of the company if the person is satisfied that the proposed change of name is in the interests of the creditors of the company as a whole.

Change of name

(7) If:

(a) an application is lodged under subsection (1), (3), (4), (5) or (6); and

(b) the proposed name is available;

ASIC must change the company's name by altering the details of the company's registration to reflect the change. The change of name takes effect when ASIC alters the details of the company's registration.

Note: For available names, see section 147.