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

Schedule 1   Improving outcomes for creditors

Part 3   Streamlining external administration

Corporations Act 2001

51   After section 250P

Insert:

250PAA Exemptions by ASIC - class orders relating to externally-administered companies

(1) ASIC may, by legislative instrument, make an order exempting any of the following from section 250N:

(a) a specified class of companies that are being wound up;

(b) a specified class of companies under administration;

(c) a specified class of companies subject to deeds of company arrangement.

(2) The order may be:

(a) unconditional; or

(b) subject to one or more specified conditions.

(3) ASIC must cause a copy of the order to be published in the Gazette.

250PAB Exemptions by ASIC - individual externally-administered companies

(1) The liquidator of a company that is being wound up may lodge an application with ASIC to exempt the company from section 250N.

(2) The administrator of a company under administration may lodge an application with ASIC to exempt the company from section 250N.

(3) The administrator of a deed of company arrangement may lodge an application with ASIC to exempt the company from section 250N.

(4) If an application is lodged under subsection (1), (2) or (3), ASIC may, by writing, exempt the company from section 250N.

(5) The exemption may be:

(a) unconditional; or

(b) subject to one or more specified conditions.

(6) ASIC must cause a copy of the exemption to be published in the Gazette.